https://www.taxtmi.com/caselaws?id=176138 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income-tax Act on the assessee for the assessment year 1996-97. The Tribunal found that the Assessing Officer did not have sufficient evidence to prove that the transactions were sham or that the assessee concealed income. The Tribunal gave the benefit of doubt to the assessee, noting that the evidence provided was not false. As a result, the penalty was canceled, and the appeal was allowed with no order as to costs. en-us Fri, 09 Mar 2007 00:00:00 +0530 Mon, 14 Dec 2015 15:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176138 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income-tax Act on the assessee for the assessment year 1996-97. The Tribunal found that the Assessing Officer did not have sufficient evidence to prove that the transactions were sham or that the assessee concealed income. The Tribunal gave the benefit of doubt to the assessee, noting that the evidence provided was not false. As a result, the penalty was canceled, and the appeal was allowed with no order as to costs. Case-Laws Income Tax Fri, 09 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176138