2025 (8) TMI 877

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.... PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 27/09/2024 passed by ld. CIT(A)-48, Mumbai in relation to the penalty proceedings u/s.271(1)(c) for the A.Y.2007-08. 2. Assessee is mainly aggrieved by levy of penalty of Rs. 4,25,000/- on account of estimated GP rate of alleged bogus purchases. 3. The brief facts are that assessee had filed....

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....y despite the fact that in the quantum proceedings the addition itself was reduced and therefore, the quantum of penalty confirmed by him at Rs. 4,25,000/- itself was erroneous. 4. On perusal of the orders it is seen that, nowhere the ld. AO had disputed the fact that these purchases were made from the sources declared in the books of accounts and corresponding sales and quantity tally has not ....