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HomeDirect TaxEstimated Bogus Purchase Additions Can’t Attract Penalty: ITAT

Estimated Bogus Purchase Additions Can’t Attract Penalty: ITAT

Direct Tax

Published on

By Mariya Paliwala
ITAT

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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be sustained where additions are made purely on an estimated basis.  The bench of Sandeep Singh Karhail (Judicial Member) and Bijayananda Pruseth (Accountant Member) has observed that the entire addition…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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