https://www.taxtmi.com/caselaws?id=472141 Penalty for concealment or furnishing inaccurate particulars is not attracted merely because alleged bogus purchases are disallowed on an estimated basis. Where purchase vouchers and bank payments support the transactions, sales remain undisputed, and disclosed gross profit exceeds the estimated disallowance rate, non-production of suppliers does not by itself establish concealment or inaccurate particulars. In the absence of contumacious conduct, an estimated purchase disallowance does not justify penalty under Section 271(1)(c). en-us Mon, 03 Jun 2019 00:00:00 +0530 Wed, 30 Sep 2026 15:57:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472141 Penalty for concealment or furnishing inaccurate particulars is not attracted merely because alleged bogus purchases are disallowed on an estimated basis. Where purchase vouchers and bank payments support the transactions, sales remain undisputed, and disclosed gross profit exceeds the estimated disallowance rate, non-production of suppliers does not by itself establish concealment or inaccurate particulars. In the absence of contumacious conduct, an estimated purchase disallowance does not justify penalty under Section 271(1)(c). Case-Laws Income Tax Mon, 03 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472141