https://www.taxtmi.com/caselaws?id=328455 The Tribunal set aside the penalty of Rs. 11,86,400 imposed under section 271(1)(c) of the Income Tax Act, ruling in favor of the assessee. The Tribunal found that discrepancies in statements recorded during survey proceedings lacked independent corroboration and were insufficient to justify the penalty. Emphasizing the need for substantial evidence to support undisclosed income claims, the Tribunal concluded that the mere reduction in quantum addition did not warrant the penalty. As a result, the Tribunal directed the Assessing Officer to delete the penalty amount due to the lack of concrete evidence supporting the penalty imposition. en-us Tue, 10 May 2016 00:00:00 +0530 Sat, 04 Jun 2016 14:26:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328455 The Tribunal set aside the penalty of Rs. 11,86,400 imposed under section 271(1)(c) of the Income Tax Act, ruling in favor of the assessee. The Tribunal found that discrepancies in statements recorded during survey proceedings lacked independent corroboration and were insufficient to justify the penalty. Emphasizing the need for substantial evidence to support undisclosed income claims, the Tribunal concluded that the mere reduction in quantum addition did not warrant the penalty. As a result, the Tribunal directed the Assessing Officer to delete the penalty amount due to the lack of concrete evidence supporting the penalty imposition. Case-Laws Income Tax Tue, 10 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328455