No Income Tax Penalty if Addition is Made on Estimated Basis on Alleged Bogus Purchase: ITAT [Read Order]

By Fathima Karama A.M - On May 12, 2023 3:00 pm - 2 mins read

No Income Tax Penalty if Addition is Made on Estimated Basis on Alleged Bogus Purchase - Income Tax Penalty - Income Tax - Penalty - Addition - Bogus Purchase - ITAT - Taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that no income tax penalty could be imposed on an alleged bogus purchase if the addition was made on an estimated basis. The AO, on the basis of completed assessment framed under section 143(3) read with 153C of the Income Tax Act, 1961…

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