https://www.taxtmi.com/caselaws?id=788913 Penalty under section 271(1)(c) is unsustainable where the notice under section 274 does not specify whether the charge is concealment of income or furnishing inaccurate particulars, because failure to strike off the inapplicable limb vitiates the penalty proceedings. Penalty is also not leviable where the addition is made merely on estimate, such as estimation of profit element on alleged bogus purchases, and no concrete evidence of concealment is established. On both grounds, the penalty order was held unsustainable and the assessee succeeded. en-us Fri, 27 Mar 2026 00:00:00 +0530 Tue, 31 Mar 2026 08:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788913 Penalty under section 271(1)(c) is unsustainable where the notice under section 274 does not specify whether the charge is concealment of income or furnishing inaccurate particulars, because failure to strike off the inapplicable limb vitiates the penalty proceedings. Penalty is also not leviable where the addition is made merely on estimate, such as estimation of profit element on alleged bogus purchases, and no concrete evidence of concealment is established. On both grounds, the penalty order was held unsustainable and the assessee succeeded. Case-Laws Income Tax Fri, 27 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788913