https://www.taxtmi.com/caselaws?id=332814 The appellate tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09. The tribunal found that the penalty was unjustified as the assessee had maintained proper records, disclosed sales details, and the cash sales were accepted by tax authorities. Emphasizing the similarity of facts to a preceding year where the penalty was deleted, the tribunal ruled in favor of the assessee, highlighting the lack of concrete evidence supporting concealment of income and the need for a separate justification for penalty imposition distinct from quantum proceedings. en-us Fri, 29 Jul 2016 00:00:00 +0530 Tue, 27 Sep 2016 12:01:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332814 The appellate tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2008-09. The tribunal found that the penalty was unjustified as the assessee had maintained proper records, disclosed sales details, and the cash sales were accepted by tax authorities. Emphasizing the similarity of facts to a preceding year where the penalty was deleted, the tribunal ruled in favor of the assessee, highlighting the lack of concrete evidence supporting concealment of income and the need for a separate justification for penalty imposition distinct from quantum proceedings. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332814