https://www.taxtmi.com/caselaws?id=206274 The penalty of Rs. 1,50,334 under Section 271(1)(c) of the Income Tax Act, 1961, was canceled as the assessee provided substantial evidence supporting the genuineness of payments to Shree Jalaram Transport. The Third Member (President) concluded that the penalty was not justified, emphasizing the independence of penalty proceedings from assessment proceedings. The appeal of the assessee was allowed, highlighting the importance of evaluating the assessee's explanation and evidence separately in penalty proceedings. en-us Fri, 16 Oct 2009 00:00:00 +0530 Tue, 16 Aug 2016 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206274 The penalty of Rs. 1,50,334 under Section 271(1)(c) of the Income Tax Act, 1961, was canceled as the assessee provided substantial evidence supporting the genuineness of payments to Shree Jalaram Transport. The Third Member (President) concluded that the penalty was not justified, emphasizing the independence of penalty proceedings from assessment proceedings. The appeal of the assessee was allowed, highlighting the importance of evaluating the assessee's explanation and evidence separately in penalty proceedings. Case-Laws Income Tax Fri, 16 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206274