No Penalty for Addition for Bogus Purchases on estimated basis

DCIT Vs Toshvin Analytical Private Limited (ITAT Mumbai) As per facts recorded above, the penalty in this case is only with reference to addition on bogus purchases amounting to Rs.3,83,388/-. The addition was sustained by the ITAT @8% of the bogus purchases. We find that on the facts and circumstances of the case, the Ld. CIT(A) has passed a reasonable order. He has correctly deleted the penalty with reference to bogus purchase addition at Rs.3,83,388/-, as the addition was done on estimated basis. We further note that tax effect in this case is below the limit fixed by CBDT for filing appeal...