https://www.taxtmi.com/caselaws?id=339404 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the Assessing Officer failed to provide concrete evidence to prove the purchases were bogus, despite the assessee presenting substantial evidence supporting the genuineness of the purchases. The Tribunal emphasized that penalty proceedings require evidence of conscious concealment or furnishing inaccurate particulars, which the AO failed to establish. Consequently, the appeal by the Revenue was dismissed, affirming the CIT(A)'s decision to delete the penalty. en-us Wed, 15 Feb 2017 00:00:00 +0530 Sat, 25 Feb 2017 15:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339404 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete the penalty imposed under Section 271(1)(c) of the Income Tax Act. The Tribunal found that the Assessing Officer failed to provide concrete evidence to prove the purchases were bogus, despite the assessee presenting substantial evidence supporting the genuineness of the purchases. The Tribunal emphasized that penalty proceedings require evidence of conscious concealment or furnishing inaccurate particulars, which the AO failed to establish. Consequently, the appeal by the Revenue was dismissed, affirming the CIT(A)'s decision to delete the penalty. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339404