https://www.taxtmi.com/caselaws?id=61562 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed by the AO under section 271(1)(c) for Assessment Years 1994-95 and 1995-96. The Tribunal found that taxing both the individual and the firm for unaccounted purchases was not justified, emphasizing that only the resultant profit should be added. Additionally, the Tribunal noted the lack of evidence for alleged commission income and highlighted procedural errors in penalty imposition for unexplained cash and investments. The Tribunal confirmed the cancellation of penalties for both years, dismissing the Revenue's appeals. en-us Mon, 07 Apr 2003 00:00:00 +0530 Tue, 19 Jun 2012 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61562 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed by the AO under section 271(1)(c) for Assessment Years 1994-95 and 1995-96. The Tribunal found that taxing both the individual and the firm for unaccounted purchases was not justified, emphasizing that only the resultant profit should be added. Additionally, the Tribunal noted the lack of evidence for alleged commission income and highlighted procedural errors in penalty imposition for unexplained cash and investments. The Tribunal confirmed the cancellation of penalties for both years, dismissing the Revenue's appeals. Case-Laws Income Tax Mon, 07 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61562