https://www.taxtmi.com/caselaws?id=786776 Whether penalty under Section 271(1)(c) can be sustained where additions for alleged bogus purchases were based on estimation and information from a tax authority not furnished to the assessee: the Tribunal applied the principle that penalty requires subjective satisfaction of concealment or furnishing of inaccurate particulars, which cannot rest on ad hoc estimation or guesswork; reliance on uncommunicated information that was not proved in assessment defeats that satisfaction. Outcome: penalty deleted and appeals allowed in favour of the assessee. en-us Fri, 13 Feb 2026 00:00:00 +0530 Thu, 19 Feb 2026 07:58:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786776 Whether penalty under Section 271(1)(c) can be sustained where additions for alleged bogus purchases were based on estimation and information from a tax authority not furnished to the assessee: the Tribunal applied the principle that penalty requires subjective satisfaction of concealment or furnishing of inaccurate particulars, which cannot rest on ad hoc estimation or guesswork; reliance on uncommunicated information that was not proved in assessment defeats that satisfaction. Outcome: penalty deleted and appeals allowed in favour of the assessee. Case-Laws Income Tax Fri, 13 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786776