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2021 (1) TMI 1034 - ITAT MUMBAIPenalty u/s 271(1)(c) - bogus purchases disallowed - HELD THAT:- Assessee is unable to produce the actual delivery/physical delivery of goods but it is a fact that the AO has not doubted the sales made by assessee or even the payments were made by account payee cheques. Once this is a fact that once sales are not doubted, the entire purchases cannot be considered as bogus and that is also a presumption. Mere on presumption, penalty cannot be levied. Hence, we confirmed the order of CIT(A) deleting the penalty and dismissed this appeal of revenue.
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