https://www.taxtmi.com/caselaws?id=193782 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) for the addition of income under section 56(2)(vii)(b). The Tribunal allowed the appeal, citing the invalid initiation of penalty proceedings and lack of evidence to show an intention to evade tax. The Tribunal emphasized the importance of clear findings and valid initiation of penalty proceedings under the Income Tax Act. en-us Fri, 16 Sep 2016 00:00:00 +0530 Sat, 19 Aug 2017 08:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193782 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee, directing the deletion of the penalty imposed under section 271(1)(c) for the addition of income under section 56(2)(vii)(b). The Tribunal allowed the appeal, citing the invalid initiation of penalty proceedings and lack of evidence to show an intention to evade tax. The Tribunal emphasized the importance of clear findings and valid initiation of penalty proceedings under the Income Tax Act. Case-Laws Income Tax Fri, 16 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193782