https://www.taxtmi.com/caselaws?id=347823 The Tribunal upheld the imposition of a penalty under Section 271(1)(c) of the Income-tax Act, 1961, at the minimum amount of tax sought to be evaded. The penalty was reduced from the initial amount imposed by the Assessing Officer to reflect the corrected income figure. The Tribunal found the penalty justified due to the assessee's involvement in providing accommodation entries and causing revenue loss. Both the assessee's and Revenue's appeals were dismissed, with the Revenue's appeal deemed not maintainable due to low tax effect as per CBDT Circular No.21 of 2015. en-us Fri, 08 Sep 2017 00:00:00 +0530 Sat, 18 Nov 2017 18:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347823 The Tribunal upheld the imposition of a penalty under Section 271(1)(c) of the Income-tax Act, 1961, at the minimum amount of tax sought to be evaded. The penalty was reduced from the initial amount imposed by the Assessing Officer to reflect the corrected income figure. The Tribunal found the penalty justified due to the assessee's involvement in providing accommodation entries and causing revenue loss. Both the assessee's and Revenue's appeals were dismissed, with the Revenue's appeal deemed not maintainable due to low tax effect as per CBDT Circular No.21 of 2015. Case-Laws Income Tax Fri, 08 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347823