https://www.taxtmi.com/caselaws?id=465086 The ITAT Mumbai deleted the penalty imposed under s. 271(1)(c) where the quantum addition arose from estimating gross profit at 12.5% on alleged bogus purchases. The Tribunal held that when income is determined on an estimated basis by applying a fair gross profit rate, such estimation does not constitute concealment of income or furnishing of inaccurate particulars for the purposes of s. 271(1)(c). Consequently, the impugned appellate order sustaining the penalty was set aside and the penalty levied on the assessee was quashed in entirety. en-us Tue, 21 Jan 2025 00:00:00 +0530 Fri, 05 Dec 2025 19:08:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465086 The ITAT Mumbai deleted the penalty imposed under s. 271(1)(c) where the quantum addition arose from estimating gross profit at 12.5% on alleged bogus purchases. The Tribunal held that when income is determined on an estimated basis by applying a fair gross profit rate, such estimation does not constitute concealment of income or furnishing of inaccurate particulars for the purposes of s. 271(1)(c). Consequently, the impugned appellate order sustaining the penalty was set aside and the penalty levied on the assessee was quashed in entirety. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465086