Case Law Details
Case Name : Shri Poonam K. Prajapati Vs ITO (ITAT Mumbai)
Related Assessment Year : 2009-10
Courts :
ITAT Mumbai
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Shri Poonam K.Prajapati Vs ITO (ITAT Mumbai)
ITAT Mumbai held that penalty under section 271(1)(c) of the Income Tax Act not imposable when the addition on account of bogus purchases is done on adhoc/ estimated basis. As, adhoc/ estimated based addition doesn’t tantamount to furnishing of inaccurate particulars of income.
Facts- Based on information from DGIT(Inv), AO re-opened the assessment alleging that assessee had obtained accommodation entries/ bogus purchases bill
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