https://www.taxtmi.com/caselaws?id=266766 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income-tax Act, directing the Assessing Officer to reevaluate the issue in light of admitted questions before the High Court. The appeals were allowed for statistical purposes, emphasizing the importance of establishing the identity, creditworthiness, and genuineness of transactions and ensuring proper application of mind in reopening assessment proceedings. en-us Thu, 10 Sep 2015 00:00:00 +0530 Mon, 08 Aug 2022 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266766 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income-tax Act, directing the Assessing Officer to reevaluate the issue in light of admitted questions before the High Court. The appeals were allowed for statistical purposes, emphasizing the importance of establishing the identity, creditworthiness, and genuineness of transactions and ensuring proper application of mind in reopening assessment proceedings. Case-Laws Income Tax Thu, 10 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266766