https://www.taxtmi.com/caselaws?id=470110 Penalty for concealment of income or furnishing inaccurate particulars cannot be sustained solely on an ad hoc estimated addition arising from alleged bogus purchases. Where the original disallowance is reduced and the final quantum addition is confined to an estimated gross-profit element, the estimate itself does not establish either concealment or inaccurate particulars. Accordingly, penalty under Section 271(1)(c) is not leviable on the ad hoc addition and is to be deleted in full. en-us Tue, 16 Apr 2024 00:00:00 +0530 Thu, 16 Jul 2026 10:47:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470110 Penalty for concealment of income or furnishing inaccurate particulars cannot be sustained solely on an ad hoc estimated addition arising from alleged bogus purchases. Where the original disallowance is reduced and the final quantum addition is confined to an estimated gross-profit element, the estimate itself does not establish either concealment or inaccurate particulars. Accordingly, penalty under Section 271(1)(c) is not leviable on the ad hoc addition and is to be deleted in full. Case-Laws Income Tax Tue, 16 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470110