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2022 (1) TMI 528 - AT - Income TaxPenalty levied u/s. 271(1)(c) - Bogus purchases - profit element at 5% of bogus purchases - HELD THAT:- As relying on SHRI DEEPAK GOGRI [2017 (11) TMI 1857 - ITAT MUMBAI], HARIGOPAL SINGH [2002 (8) TMI 65 - PUNJAB AND HARYANA HIGH COURT] and AERO TRADERS (P) LTD. [2010 (1) TMI 32 - DELHI HIGH COURT] the income of the assessee is estimated on the value of alleged bogus purchases. Therefore, we direct the Assessing Officer to delete the penalty levied u/s. 271(1)(c) - Decided in favour of assessee.
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