Tribunal Rules No Penalty u/s 271(1)(c) for Estimated Income with 12.5% Bogus Purchase Addition.

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....Penalty u/s 271(1)(c) - Addition of bogus purchases - Tribunal in quantum proceedings reduced to 12.5% of such purchases - since income has been estimated by applying a percentage, hence the penalty u/s 271(1)(c) can not be imposed in such cases....