https://www.taxtmi.com/caselaws?id=182898 The tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 2007-08. The penalty was deleted as the purchases made were deemed genuine, with established supplier identities and substantial supplies to various customers. The tribunal also confirmed the disallowance of loss claimed on sales of unbranded items and the subsequent penalty deletion, as the estimation of gross profit rate did not constitute inaccurate particulars of income. The tribunal dismissed the Revenue's appeal, concluding that the Assessing Officer lacked jurisdiction to impose a penalty based on the findings of the first appellate authority. en-us Mon, 19 Oct 2015 00:00:00 +0530 Mon, 23 May 2016 10:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182898 The tribunal upheld the deletion of the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 2007-08. The penalty was deleted as the purchases made were deemed genuine, with established supplier identities and substantial supplies to various customers. The tribunal also confirmed the disallowance of loss claimed on sales of unbranded items and the subsequent penalty deletion, as the estimation of gross profit rate did not constitute inaccurate particulars of income. The tribunal dismissed the Revenue's appeal, concluding that the Assessing Officer lacked jurisdiction to impose a penalty based on the findings of the first appellate authority. Case-Laws Income Tax Mon, 19 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182898