https://www.taxtmi.com/caselaws?id=788810 Penalty for concealment was held unsustainable where the addition arose only from estimation of the profit element in alleged bogus purchases. The purchases were reflected in the books, supported by bills, ledger entries and cheque payments, and were not shown to be fictitious per se. As the quantum addition was restricted by applying a gross profit rate on a pragmatic estimate of possible inflation of purchase price or suppression of profit, there was no concrete finding of concealment or furnishing of inaccurate particulars. The assessee's explanation was not found false, so penalty under section 271(1)(c) was deleted. en-us Thu, 26 Mar 2026 00:00:00 +0530 Sat, 28 Mar 2026 08:57:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788810 Penalty for concealment was held unsustainable where the addition arose only from estimation of the profit element in alleged bogus purchases. The purchases were reflected in the books, supported by bills, ledger entries and cheque payments, and were not shown to be fictitious per se. As the quantum addition was restricted by applying a gross profit rate on a pragmatic estimate of possible inflation of purchase price or suppression of profit, there was no concrete finding of concealment or furnishing of inaccurate particulars. The assessee's explanation was not found false, so penalty under section 271(1)(c) was deleted. Case-Laws Income Tax Thu, 26 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788810