https://www.taxtmi.com/caselaws?id=268574 The Appellate Tribunal upheld the decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the appellant's explanations regarding the credit to be bona fide and supported by reasonable details, including confirmation by the lender and bank statement details. Despite the lack of conclusive proof of the transaction's genuineness, the Tribunal agreed with the CIT(A) that the penalty was not warranted. The Tribunal emphasized the reasonable explanations provided by the assessee and declined to interfere in the matter, ultimately affirming the deletion of the penalty. en-us Fri, 14 Aug 2015 00:00:00 +0530 Fri, 27 Nov 2015 23:52:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268574 The Appellate Tribunal upheld the decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found the appellant's explanations regarding the credit to be bona fide and supported by reasonable details, including confirmation by the lender and bank statement details. Despite the lack of conclusive proof of the transaction's genuineness, the Tribunal agreed with the CIT(A) that the penalty was not warranted. The Tribunal emphasized the reasonable explanations provided by the assessee and declined to interfere in the matter, ultimately affirming the deletion of the penalty. Case-Laws Income Tax Fri, 14 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268574