Penalty u/s 271(1)(c) - bogus purchases @ 25% on total purchase ...

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

March 1, 2022

Case Laws Income Tax AT

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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Penalty u/s 271(1)(c) - bogus purchases @ 25% on total purchase ...

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

March 1, 2022

Case Laws Income Tax AT

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