https://www.taxtmi.com/caselaws?id=239493 The tribunal dismissed the assessee's appeal and confirmed the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the assessee failed to substantiate the reasonableness and bona fides of the transaction involving the purchase of distribution rights, leading to doubts about the genuineness of the transaction. The penalty was upheld as the assessee did not provide sufficient evidence to justify the purchase price, indicating a potential tax-saving motive. The decision was pronounced on 03/05/2013. en-us Fri, 03 May 2013 00:00:00 +0530 Fri, 15 Nov 2013 08:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239493 The tribunal dismissed the assessee's appeal and confirmed the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961. The tribunal found that the assessee failed to substantiate the reasonableness and bona fides of the transaction involving the purchase of distribution rights, leading to doubts about the genuineness of the transaction. The penalty was upheld as the assessee did not provide sufficient evidence to justify the purchase price, indicating a potential tax-saving motive. The decision was pronounced on 03/05/2013. Case-Laws Income Tax Fri, 03 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239493