https://www.taxtmi.com/caselaws?id=329669 The tribunal allowed the appeal filed by the assessee against the penalty order under section 271(1)(c) for the assessment year 2005-06. The tribunal found that the assessee adequately explained the transactions, supported by evidence such as bills, certificates, and contract notes. Citing precedents where similar transactions were deemed genuine, the tribunal concluded that the penalty was wrongly imposed and subsequently set aside the penalty order. en-us Wed, 08 Jun 2016 00:00:00 +0530 Wed, 06 Jul 2016 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329669 The tribunal allowed the appeal filed by the assessee against the penalty order under section 271(1)(c) for the assessment year 2005-06. The tribunal found that the assessee adequately explained the transactions, supported by evidence such as bills, certificates, and contract notes. Citing precedents where similar transactions were deemed genuine, the tribunal concluded that the penalty was wrongly imposed and subsequently set aside the penalty order. Case-Laws Income Tax Wed, 08 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329669