https://www.taxtmi.com/caselaws?id=345097 The Appellate Tribunal ITAT Delhi directed the deletion of the penalty under section 271(1)(c) of the Income Tax Act. The Tribunal ruled in favor of the assessee, citing procedural deficiencies, lack of jurisdiction in penalty imposition, and the genuineness of the transactions as reasons for overturning the penalty order. The decision stressed the significance of correctly initiating penalty proceedings, considering the appellant's responses, and the assessee meeting the burden of proof in demonstrating the authenticity of the transactions. en-us Tue, 07 Mar 2017 00:00:00 +0530 Sat, 08 Jul 2017 07:41:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345097 The Appellate Tribunal ITAT Delhi directed the deletion of the penalty under section 271(1)(c) of the Income Tax Act. The Tribunal ruled in favor of the assessee, citing procedural deficiencies, lack of jurisdiction in penalty imposition, and the genuineness of the transactions as reasons for overturning the penalty order. The decision stressed the significance of correctly initiating penalty proceedings, considering the appellant's responses, and the assessee meeting the burden of proof in demonstrating the authenticity of the transactions. Case-Laws Income Tax Tue, 07 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345097