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2024 (5) TMI 98 - ITAT CHENNAIPenalty u/s. 271(1)(c) - bogus purchases or inflated purchases not supported by proper vouchers treated the same as concealed income - HELD THAT:- In the present case before us, the assessee is unable to prove a claim because the vouchers of purchases were self-made vouchers and this fact has been recorded by AO, As noted that once these purchases are supported by self-made vouchers and the same are treated as bogus as held by the AO, how the same is concealment of particulars of income leading to concealment of income, the decision of Hon’ble Supreme Court in the case of Suresh Chandra Mittal [2001 (6) TMI 63 - SC ORDER] squarely applies to the facts of the case. Hence, respectfully following the decision of Hon’ble Supreme Court in the case of Suresh Chandra Mittal, supra, we delete the penalty and allow the appeal of assessee.
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