Penalty u/s 271(1)(c) - estimation of income - bogus purchases - ...

No Penalty for Estimated Income Additions u/s 271(1)(c) of Income Tax Act in Bogus Purchase Cases.

October 11, 2023

Case Laws Income Tax AT

Penalty u/s 271(1)(c) - estimation of income - bogus purchases - penalty u/s 271(1)(c) of the Act cannot be levied where the addition is made on estimate basis - AT

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Penalty u/s 271(1)(c) - estimation of income - bogus purchases - ...

No Penalty for Estimated Income Additions u/s 271(1)(c) of Income Tax Act in Bogus Purchase Cases.

October 11, 2023

Case Laws Income Tax AT

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Penalty u/s 271(c) was imposed on additions of 25% of non-verifiable purchases debited to the trading account. The addition was made on estimation of total turnover...

Monetary limit for filing of appeal by revenue in case of penalty - Penalty u/s 271(1)(c) on bogus purchases - Quantum proceedings and penalty proceedings are...

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

Penalty u/s 271(1)(c) - addition made on protected assessment - addition in this case was made on protected assessment/addition on estimated basis which is against the law - AT

Penalty proceedings u/s 271(1)(c) involved an addition based on estimation by the Assessing Officer, which was later re-estimated by the CIT(A) to disallow 10% of the...

The Appellate Tribunal held that penalty u/s 271(1)(c) on estimated additions due to bogus purchases from hawala dealers was unjustified as the assessee failed to...

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