https://www.taxtmi.com/caselaws?id=67712 The Tribunal canceled the penalty order imposed under section 271(1)(c) of the Income Tax Act, finding no concrete evidence to support the claim of bogus purchases. The assessee successfully demonstrated the purchases' genuineness with supporting evidence, leading to the conclusion that there was no wilful neglect in disclosing income. The Tribunal held that the penalty was unjustified, overturning the AAC's decision and allowing the assessee's appeal. en-us Fri, 30 Mar 1979 00:00:00 +0530 Mon, 14 Mar 2011 11:33:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67712 The Tribunal canceled the penalty order imposed under section 271(1)(c) of the Income Tax Act, finding no concrete evidence to support the claim of bogus purchases. The assessee successfully demonstrated the purchases' genuineness with supporting evidence, leading to the conclusion that there was no wilful neglect in disclosing income. The Tribunal held that the penalty was unjustified, overturning the AAC's decision and allowing the assessee's appeal. Case-Laws Income Tax Fri, 30 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67712