https://www.taxtmi.com/caselaws?id=783264 ITAT Mumbai allowed the assessee's appeal, deleting penalty levied u/s 271(1)(c) r/w s. 274 arising from alleged bogus purchase/accommodation entry transactions. The Tribunal noted that the assessee was ultimately assessed only on commission income, computed as 3% of the total accommodation entries routed through its bank account. As the quantum addition rested purely on estimation and the substantive basis for concealment did not survive, the Tribunal, following binding HC precedent and to maintain judicial consistency, held that penalty u/s 271(1)(c) was unsustainable in law. en-us Tue, 09 Dec 2025 00:00:00 +0530 Fri, 12 Dec 2025 08:55:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783264 ITAT Mumbai allowed the assessee's appeal, deleting penalty levied u/s 271(1)(c) r/w s. 274 arising from alleged bogus purchase/accommodation entry transactions. The Tribunal noted that the assessee was ultimately assessed only on commission income, computed as 3% of the total accommodation entries routed through its bank account. As the quantum addition rested purely on estimation and the substantive basis for concealment did not survive, the Tribunal, following binding HC precedent and to maintain judicial consistency, held that penalty u/s 271(1)(c) was unsustainable in law. Case-Laws Income Tax Tue, 09 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783264