https://www.taxtmi.com/caselaws?id=192925 The ITAT Chennai ruled in favor of the appellant, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07. The Tribunal found the explanations provided by the appellant regarding discrepancies in income to be reasonable and honest, emphasizing the importance of disproving explanations rather than merely lacking proof. The penalty was revoked due to the lack of conclusive evidence supporting the charge, and the appeal of the assessee was allowed. en-us Wed, 06 Jul 2016 00:00:00 +0530 Tue, 04 Jul 2017 07:19:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192925 The ITAT Chennai ruled in favor of the appellant, deleting the penalty imposed under section 271(1)(c) of the Income Tax Act for the assessment year 2006-07. The Tribunal found the explanations provided by the appellant regarding discrepancies in income to be reasonable and honest, emphasizing the importance of disproving explanations rather than merely lacking proof. The penalty was revoked due to the lack of conclusive evidence supporting the charge, and the appeal of the assessee was allowed. Case-Laws Income Tax Wed, 06 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192925