https://www.taxtmi.com/caselaws?id=783061 ITAT Mumbai deleted the penalty imposed u/s 271(1)(c) arising from alleged bogus purchases. The quantum addition had been restricted by CIT(A) and further by ITAT to 10% of the alleged bogus purchases purely on an estimated basis. Relying on binding precedent that penalty cannot be sustained where income is determined on estimation without concrete evidence of concealment or furnishing of inaccurate particulars, the Tribunal held that the essential ingredients of s. 271(1)(c) were not satisfied. The penalty order was quashed and the assessee's appeals were allowed in full. en-us Tue, 02 Dec 2025 00:00:00 +0530 Tue, 09 Dec 2025 08:41:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783061 ITAT Mumbai deleted the penalty imposed u/s 271(1)(c) arising from alleged bogus purchases. The quantum addition had been restricted by CIT(A) and further by ITAT to 10% of the alleged bogus purchases purely on an estimated basis. Relying on binding precedent that penalty cannot be sustained where income is determined on estimation without concrete evidence of concealment or furnishing of inaccurate particulars, the Tribunal held that the essential ingredients of s. 271(1)(c) were not satisfied. The penalty order was quashed and the assessee's appeals were allowed in full. Case-Laws Income Tax Tue, 02 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783061