https://www.taxtmi.com/caselaws?id=197253 The Tribunal overturned the penalty imposed under section 271(1)(c) by the Assessing Officer, confirming that the addition made under section 68 did not warrant the penalty as the explanation provided was not convincingly refuted. The Tribunal emphasized the distinction between assessment and penalty proceedings, highlighting the deeming provision of section 68 and the lack of conclusive evidence justifying the penalty. The Tribunal concluded that the assessee did not conceal income or provide inaccurate particulars, leading to the deletion of the penalty and allowing the assessee's appeal. en-us Wed, 27 Jan 2010 00:00:00 +0530 Mon, 01 Jan 2018 19:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197253 The Tribunal overturned the penalty imposed under section 271(1)(c) by the Assessing Officer, confirming that the addition made under section 68 did not warrant the penalty as the explanation provided was not convincingly refuted. The Tribunal emphasized the distinction between assessment and penalty proceedings, highlighting the deeming provision of section 68 and the lack of conclusive evidence justifying the penalty. The Tribunal concluded that the assessee did not conceal income or provide inaccurate particulars, leading to the deletion of the penalty and allowing the assessee's appeal. Case-Laws Income Tax Wed, 27 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197253