https://www.taxtmi.com/caselaws?id=122368 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on the assessee for the assessment year 1989-90. The penalty was initially levied due to alleged bogus cash purchases, but the Tribunal found that the department failed to prove that the amount in question represented concealed income. The Tribunal emphasized that the findings in the assessment proceedings were not sufficient to support the penalty order, concluding that there was no evidence of fraud or wilful neglect by the assessee. As a result, the penalty was deleted, and the assessee's appeal was successful. en-us Tue, 13 Apr 2010 00:00:00 +0530 Sat, 16 Sep 2023 10:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=122368 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on the assessee for the assessment year 1989-90. The penalty was initially levied due to alleged bogus cash purchases, but the Tribunal found that the department failed to prove that the amount in question represented concealed income. The Tribunal emphasized that the findings in the assessment proceedings were not sufficient to support the penalty order, concluding that there was no evidence of fraud or wilful neglect by the assessee. As a result, the penalty was deleted, and the assessee's appeal was successful. Case-Laws Income Tax Tue, 13 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=122368