https://www.taxtmi.com/caselaws?id=470682 Penalties cannot survive where the quantum additions forming their basis have been deleted and no stay operates against that deletion. The penalties were therefore deleted. For alleged bogus purchases, the quantum addition was restricted to an estimated profit element; an addition sustained solely on estimation does not, without more, justify penalty. The penalty on that estimated addition was also deleted. The article states that all impugned penalties were deleted because their foundational additions either no longer survived or rested only on estimated profit. en-us Tue, 25 Mar 2025 00:00:00 +0530 Tue, 04 Aug 2026 20:51:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470682 Penalties cannot survive where the quantum additions forming their basis have been deleted and no stay operates against that deletion. The penalties were therefore deleted. For alleged bogus purchases, the quantum addition was restricted to an estimated profit element; an addition sustained solely on estimation does not, without more, justify penalty. The penalty on that estimated addition was also deleted. The article states that all impugned penalties were deleted because their foundational additions either no longer survived or rested only on estimated profit. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470682