https://www.taxtmi.com/caselaws?id=329226 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the I.T. Act for the assessment year 2009-10. The ITAT had previously annulled the addition related to unexplained creditors, emphasizing the genuineness of the creditors and lack of transactions during the relevant year. The CIT(A) also supported this decision, deeming the penalty unsustainable. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty based on the earlier ITAT ruling on unexplained creditors. en-us Thu, 02 Jun 2016 00:00:00 +0530 Sat, 25 Jun 2016 11:49:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329226 The Tribunal upheld the deletion of the penalty under section 271(1)(c) of the I.T. Act for the assessment year 2009-10. The ITAT had previously annulled the addition related to unexplained creditors, emphasizing the genuineness of the creditors and lack of transactions during the relevant year. The CIT(A) also supported this decision, deeming the penalty unsustainable. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the deletion of the penalty based on the earlier ITAT ruling on unexplained creditors. Case-Laws Income Tax Thu, 02 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329226