https://www.taxtmi.com/caselaws?id=326004 The ITAT canceled the penalty of Rs. 5,56,765 imposed under Section 271(1)(c) for the Asst. year 2007-08. The additions of Rs. 17,14,640, including Rs. 4,80,000 for cash brokerage and Rs. 12,34,640 for transactions with M/s. Vinita Estates, were deleted. The Tribunal emphasized the need for concrete evidence to support income additions and penalties, highlighting that assumptions and presumptions are inadequate. The penalty was revoked, and the assessee's appeal was allowed due to the lack of a valid basis for the penalty. en-us Wed, 17 Feb 2016 00:00:00 +0530 Mon, 04 Apr 2016 09:11:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326004 The ITAT canceled the penalty of Rs. 5,56,765 imposed under Section 271(1)(c) for the Asst. year 2007-08. The additions of Rs. 17,14,640, including Rs. 4,80,000 for cash brokerage and Rs. 12,34,640 for transactions with M/s. Vinita Estates, were deleted. The Tribunal emphasized the need for concrete evidence to support income additions and penalties, highlighting that assumptions and presumptions are inadequate. The penalty was revoked, and the assessee's appeal was allowed due to the lack of a valid basis for the penalty. Case-Laws Income Tax Wed, 17 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326004