https://www.taxtmi.com/caselaws?id=261638 The Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, for A.Y. 2005-06, emphasizing that penalties cannot be levied solely based on confirmed additions without disproving evidence provided by the assessee. The Tribunal also remanded the addition of Rs. 36,80,000 to the assessee's income back to the AO for fresh examination, citing discrepancies in the CIT(A)'s findings and directing consideration of the assessee's personal financial statements and books of accounts. The appeal by the Revenue was dismissed. en-us Tue, 30 Jun 2015 00:00:00 +0530 Sat, 18 Jul 2015 08:41:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261638 The Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) of the Income-tax Act, 1961, for A.Y. 2005-06, emphasizing that penalties cannot be levied solely based on confirmed additions without disproving evidence provided by the assessee. The Tribunal also remanded the addition of Rs. 36,80,000 to the assessee's income back to the AO for fresh examination, citing discrepancies in the CIT(A)'s findings and directing consideration of the assessee's personal financial statements and books of accounts. The appeal by the Revenue was dismissed. Case-Laws Income Tax Tue, 30 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261638