https://www.taxtmi.com/caselaws?id=780060 ITAT MUMBAI - AT held that penalty under s.271(1)(c) is not leviable where additions are made solely on an estimation basis. The addition for bogus purchases, computed by applying a gross profit rate and adjusted by the CIT(A) for declared profit margin, was treated as estimation. Relying on HC precedents that penalties do not attach to purely estimated additions, the appeal is allowed. en-us Wed, 15 Oct 2025 00:00:00 +0530 Fri, 17 Oct 2025 08:08:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780060 ITAT MUMBAI - AT held that penalty under s.271(1)(c) is not leviable where additions are made solely on an estimation basis. The addition for bogus purchases, computed by applying a gross profit rate and adjusted by the CIT(A) for declared profit margin, was treated as estimation. Relying on HC precedents that penalties do not attach to purely estimated additions, the appeal is allowed. Case-Laws Income Tax Wed, 15 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780060