https://www.taxtmi.com/caselaws?id=240934 The Tribunal held that the levy of penalty under section 271(1)(c) of the Income Tax Act was not justified. It found the explanation provided by the assessee to be unproved but not false, and the department failed to substantiate the non-genuineness of transactions adequately. Therefore, the penalty was canceled for all the assessment years in question, and the appeals of the assessee were allowed. en-us Wed, 11 Dec 2013 00:00:00 +0530 Sat, 14 Dec 2013 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240934 The Tribunal held that the levy of penalty under section 271(1)(c) of the Income Tax Act was not justified. It found the explanation provided by the assessee to be unproved but not false, and the department failed to substantiate the non-genuineness of transactions adequately. Therefore, the penalty was canceled for all the assessment years in question, and the appeals of the assessee were allowed. Case-Laws Income Tax Wed, 11 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240934