Can Penalty Under Section 271(1)(c) Be Levied on Estimated Bogus Purchase Additions? ITAT Says No Estimated Additions Cannot Automatically Lead to Penalty for Concealment or Furnishing Inaccurate Particulars One of the most common controversies under the Income-tax Act arises in cases involving alleged bogus purchases. In many assessments, the Assessing Officer does not disallow the entire purchase…
The post Can Penalty Under Section 271(1)(c) Be Levied on Estimated Bogus Purchase Additions? ITAT Says No appeared first on The Tax Talk.
