https://www.taxtmi.com/caselaws?id=781349 ITAT MUMBAI - AT allowed the appeal and upheld the CIT(A)'s deletion of penalty under s.271(1)(c). The tribunal held that once quantitative purchases and sales are accepted, making an addition based on an estimated gross profit does not constitute concealment of income or furnishing of inaccurate particulars. Penalty proceedings are distinct from assessment, and the assessee's explanations and evidence-undisputed in the quantum appeal-negated concealment. Consequently, the AO's penalty based on the estimated addition was unsustainable. en-us Tue, 11 Nov 2025 00:00:00 +0530 Fri, 14 Nov 2025 09:42:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781349 ITAT MUMBAI - AT allowed the appeal and upheld the CIT(A)'s deletion of penalty under s.271(1)(c). The tribunal held that once quantitative purchases and sales are accepted, making an addition based on an estimated gross profit does not constitute concealment of income or furnishing of inaccurate particulars. Penalty proceedings are distinct from assessment, and the assessee's explanations and evidence-undisputed in the quantum appeal-negated concealment. Consequently, the AO's penalty based on the estimated addition was unsustainable. Case-Laws Income Tax Tue, 11 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781349