Penalty u/s 271(1)(c) for Bogus Purchases Overturned; Estimations Not Grounds for Penalties.

Penalty u/s 271(1)(c) - bogus purchases @ 25% on total purchase - After analyzing the order of the A.O. as well as the ld. CIT(A), we also found that both the lower authorities had made respective additions on the basis of estimation and it is settled law that no penalty can be levied on disallowance made on the ground of unverifiable purchases - AT .....

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