https://www.taxtmi.com/caselaws?id=464789 ITAT reduced the addition to 12.5% of disputed purchases and deleted the penalty under section 271(1)(c). The tribunal found no dispute that purchases occurred, only that the assessee failed to prove their source; once profit was estimated to plug probable revenue leakage, further penalization was unnecessary. Because the addition was made on an estimated basis to safeguard revenue, the penalty was set aside and the assessee's appeal allowed. en-us Mon, 28 Oct 2019 00:00:00 +0530 Fri, 14 Nov 2025 20:20:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464789 ITAT reduced the addition to 12.5% of disputed purchases and deleted the penalty under section 271(1)(c). The tribunal found no dispute that purchases occurred, only that the assessee failed to prove their source; once profit was estimated to plug probable revenue leakage, further penalization was unnecessary. Because the addition was made on an estimated basis to safeguard revenue, the penalty was set aside and the assessee's appeal allowed. Case-Laws Income Tax Mon, 28 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464789