https://www.taxtmi.com/caselaws?id=177522 The Appellate Tribunal ruled in favor of the Assessee, directing the deletion of the penalty imposed under section 271(1)(c) of the Act. The Tribunal emphasized that the penalty cannot be solely based on additions made in the assessment, noting the Assessee's provision of substantial documentary evidence regarding sundry creditors. The Tribunal found that the Assessee had discharged the initial burden, and the Revenue failed to counter the Assessee's submissions, leading to the decision to allow the appeal and revoke the penalty. en-us Thu, 26 Feb 2015 00:00:00 +0530 Mon, 11 Jan 2016 23:17:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177522 The Appellate Tribunal ruled in favor of the Assessee, directing the deletion of the penalty imposed under section 271(1)(c) of the Act. The Tribunal emphasized that the penalty cannot be solely based on additions made in the assessment, noting the Assessee's provision of substantial documentary evidence regarding sundry creditors. The Tribunal found that the Assessee had discharged the initial burden, and the Revenue failed to counter the Assessee's submissions, leading to the decision to allow the appeal and revoke the penalty. Case-Laws Income Tax Thu, 26 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177522