https://www.taxtmi.com/caselaws?id=326449 The Tribunal dismissed the revenue's appeal against the cancellation of a penalty imposed under section 271(1)(c) for the assessment year 2007-08. The penalty was levied on unexplained credit from share application money received from five companies. The Tribunal upheld the CIT(A)'s decision, emphasizing that the assessee had provided substantial evidence to prove the transactions' genuineness. Since the Assessing Officer failed to rebut the explanation or provide contradictory material, the penalty was deemed unjustified. The Tribunal stressed the importance of the Assessing Officer disproving the genuineness of transactions in penalty proceedings. en-us Fri, 04 Mar 2016 00:00:00 +0530 Fri, 15 Apr 2016 11:18:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326449 The Tribunal dismissed the revenue's appeal against the cancellation of a penalty imposed under section 271(1)(c) for the assessment year 2007-08. The penalty was levied on unexplained credit from share application money received from five companies. The Tribunal upheld the CIT(A)'s decision, emphasizing that the assessee had provided substantial evidence to prove the transactions' genuineness. Since the Assessing Officer failed to rebut the explanation or provide contradictory material, the penalty was deemed unjustified. The Tribunal stressed the importance of the Assessing Officer disproving the genuineness of transactions in penalty proceedings. Case-Laws Income Tax Fri, 04 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326449