Assistant Commissioner Of Income Tax, ... vs Kundan Industries Limited, Mumbai on 26 April, 2019
a) In this regard, the Hon'ble Ahmedabad ITAT in the case of Bidiwala
Brothers vs. ITO in ITA No.2451 & 2452/AHD/2012 has held that, no
5 ITA No.302/Mum/2018,
Kundan Infrastructure Ld.
penalty u/s.271(1)(c) for furnishing inaccurate particulars of income can
be levied when additions in respect of alleged bogus purchases were
made only on estimated basis.