https://www.taxtmi.com/caselaws?id=327483 The Tribunal allowed the appeal of the private limited company in the textile business against the penalty imposed under section 271(1)(c) of the Income Tax Act for inaccurate particulars of income for the assessment year 2005-06. The penalty related to unverifiable purchases was partly confirmed, but the penalty for non-compliance with section 40(a)(ia) was deleted. The Tribunal accepted the appellant's explanations supported by audited accounts, leading to the cancellation of the penalty based on genuine reasons and legal interpretations. The penalty was ultimately deleted, and the appeal was allowed on 01/04/2016. en-us Fri, 01 Apr 2016 00:00:00 +0530 Thu, 12 May 2016 01:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327483 The Tribunal allowed the appeal of the private limited company in the textile business against the penalty imposed under section 271(1)(c) of the Income Tax Act for inaccurate particulars of income for the assessment year 2005-06. The penalty related to unverifiable purchases was partly confirmed, but the penalty for non-compliance with section 40(a)(ia) was deleted. The Tribunal accepted the appellant's explanations supported by audited accounts, leading to the cancellation of the penalty based on genuine reasons and legal interpretations. The penalty was ultimately deleted, and the appeal was allowed on 01/04/2016. Case-Laws Income Tax Fri, 01 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327483