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2018 (1) TMI 1423 - ITAT JAIPURPenalty u/s 271(1)(c) - unverifiable purchases - Held that:- The addition in quantum proceedings attained the finality it is not based on the finding that the assessee has inflated the purchases and suppressed the income or claim of the assessee was absolutely bogus. AO has only doubted the purchases from certain parties and made the addition only to the extent of 25% of purchases made from such parties instead of disallowing entire purchases from those parties. When the AO has not given any finding of bogus purchases then the disallowance made by the AO is only based on estimation which was restricted by this Tribunal as reasonable estimated. The issue of levy of penalty u/s 271(1)(c) of such addition is now covered by the decision of Hon’ble Jurisdiction High Court in case of CIT vs. Mahendra Singh Khedla [2012 (3) TMI 568 - RAJASTHAN HIGH COURT] - Decided in favour of assessee.
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