https://www.taxtmi.com/caselaws?id=271532 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) of the Income Tax Act for the assessment years 2007-08 and 2008-09. The Tribunal found that there was no evidence of investments in the relevant years, and the assessee's admission of income alone was insufficient for penalty imposition. The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s orders to delete the penalties. The judgment was pronounced on 06/01/2016. en-us Wed, 06 Jan 2016 00:00:00 +0530 Mon, 08 Feb 2016 10:05:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271532 The Tribunal upheld the CIT(A)'s decision to delete penalties imposed under Section 271(1)(c) of the Income Tax Act for the assessment years 2007-08 and 2008-09. The Tribunal found that there was no evidence of investments in the relevant years, and the assessee's admission of income alone was insufficient for penalty imposition. The Tribunal dismissed the Revenue's appeals, affirming the CIT(A)'s orders to delete the penalties. The judgment was pronounced on 06/01/2016. Case-Laws Income Tax Wed, 06 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271532