https://www.taxtmi.com/caselaws?id=342736 The tribunal partially allowed the assessee's appeal against the penalty imposed under section 271(1)(c) for inaccurate particulars of income for Assessment Year 2010-11. The tribunal found that the penalty initiation was correct, despite minor defects in the notice, and upheld it. However, regarding the merits of the penalty imposition related to alleged bogus purchases under Section 69C, the tribunal concluded that there was no concealment or inaccurate particulars, revoking the penalty based on proper accounting and banking transactions. en-us Tue, 02 May 2017 00:00:00 +0530 Sat, 06 May 2017 12:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342736 The tribunal partially allowed the assessee's appeal against the penalty imposed under section 271(1)(c) for inaccurate particulars of income for Assessment Year 2010-11. The tribunal found that the penalty initiation was correct, despite minor defects in the notice, and upheld it. However, regarding the merits of the penalty imposition related to alleged bogus purchases under Section 69C, the tribunal concluded that there was no concealment or inaccurate particulars, revoking the penalty based on proper accounting and banking transactions. Case-Laws Income Tax Tue, 02 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342736