No Section 271(1)(c) Penalty on Estimated Bogus Purchases Addition: ITAT Jaipur

Advertisement Diagold Vs ACIT (ITAT Jaipur) The ITAT Jaipur considered an appeal against the order of the Commissioner of Income Tax (Appeals), Jaipur-04 dated 29.10.2025 confirming the levy of penalty of ₹8,36,406 under Section 271(1)(c) of the Income-tax Act, 1961. The assessee contended that the quantum addition had been sustained only on an estimated basis by applying a gross profit rate and that there was no material establishing concealment of income or furnishing of inaccurate particulars. The assessment was completed under Section 147 read with Section 143(3). The Assessing Office...