https://www.taxtmi.com/caselaws?id=785505 ITAT reviewed penalty imposed under income-tax law for alleged bogus purchases and found the disputed income addition was made on an estimate basis; accordingly, following a relevant higher-court precedent, the tribunal set aside the appellate order and directed the assessing officer to delete the penalty since the foundational addition was estimate-based, resulting in relief to the assessee. The reasoning rests on the principle that penalties for concealment or misstatement are not sustainable where the underlying addition is itself founded on estimation. en-us Wed, 21 Jan 2026 00:00:00 +0530 Sat, 24 Jan 2026 08:39:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785505 ITAT reviewed penalty imposed under income-tax law for alleged bogus purchases and found the disputed income addition was made on an estimate basis; accordingly, following a relevant higher-court precedent, the tribunal set aside the appellate order and directed the assessing officer to delete the penalty since the foundational addition was estimate-based, resulting in relief to the assessee. The reasoning rests on the principle that penalties for concealment or misstatement are not sustainable where the underlying addition is itself founded on estimation. Case-Laws Income Tax Wed, 21 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785505