Penalty based on Loose Sheets/Ledger Without supporting proof not Valid

  The appeals concerned the levy of penalty under section 270A of the Income Tax Act for assessment years 2018-19 to 2021-22. The assessee, engaged in jewellery manufacturing and diamond retail, challenged the penalties imposed on additions relating to gross profit on alleged unaccounted purchases. Website URL: https://taxguru.in/income-tax/penalty-based-loose-sheets-ledger-supporting-proof-valid.html