Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases ...

Income Tax

August 11, 2020

Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases by applying the profit rate - Once there is no reason to disbelieve the sales made by the assessee and particularly when part of material is recorded in stock, it cannot be justified that the estimation made by the Assessing Officer warrants penalty under section 271(1)(c) - It can be a case of addition or disallowance of bogus purchases on estimate basis but it cannot be a case of levy of penalty for concealment of income under section 271(1)(c) - AT

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Levy of penalty u/s 271(1)(c) - disallowance of bogus purchases ...

Income Tax

August 11, 2020

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MAT is paid, additions were made to regular income, penalty not levied – 115JB, 271(1)(c)

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