https://www.taxtmi.com/caselaws?id=267763 The Tribunal allowed the appeal, finding that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 was unsustainable. The Tribunal determined that the penalty was hastily imposed without justified cause, as the assessee provided evidence during the appellate proceedings to support the genuineness of the scrap sales, indicating no concealment or inaccurate particulars. The Tribunal emphasized that the rejection of a claim does not automatically warrant a penalty, especially when subsequent supporting evidence is provided. Therefore, the Tribunal directed the Assessing Officer to delete the penalty. en-us Wed, 04 Mar 2015 00:00:00 +0530 Sat, 14 Nov 2015 12:15:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267763 The Tribunal allowed the appeal, finding that the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 was unsustainable. The Tribunal determined that the penalty was hastily imposed without justified cause, as the assessee provided evidence during the appellate proceedings to support the genuineness of the scrap sales, indicating no concealment or inaccurate particulars. The Tribunal emphasized that the rejection of a claim does not automatically warrant a penalty, especially when subsequent supporting evidence is provided. Therefore, the Tribunal directed the Assessing Officer to delete the penalty. Case-Laws Income Tax Wed, 04 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267763