https://www.taxtmi.com/caselaws?id=187191 The Tribunal canceled the penalty of Rs. 30,000 imposed on a Hindu Undivided Family (HUF) under section 271(1)(c) of the Income-tax Act for claiming deductions in the profit & loss account. Despite the lack of certain evidence to prove expenses, the Tribunal found no evidence of the claim being bogus or fraudulent, citing Supreme Court precedents. The Tribunal concluded that the evidence provided by the assessee regarding payments made to employees was not properly appraised by the authorities, leading to the cancellation of the penalty. en-us Thu, 21 Nov 2002 00:00:00 +0530 Thu, 13 Oct 2016 10:51:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187191 The Tribunal canceled the penalty of Rs. 30,000 imposed on a Hindu Undivided Family (HUF) under section 271(1)(c) of the Income-tax Act for claiming deductions in the profit & loss account. Despite the lack of certain evidence to prove expenses, the Tribunal found no evidence of the claim being bogus or fraudulent, citing Supreme Court precedents. The Tribunal concluded that the evidence provided by the assessee regarding payments made to employees was not properly appraised by the authorities, leading to the cancellation of the penalty. Case-Laws Income Tax Thu, 21 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187191