https://www.taxtmi.com/caselaws?id=353456 The tribunal allowed the appeal, ordering the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the insufficiency of evidence, failure to provide an opportunity for cross-examination of a third-party statement, and the genuineness of the purchases supported by relevant documentation. The tribunal considered the explanation provided by the assessee as bona fide, leading to the conclusion that the penalty was unjustified. en-us Wed, 03 Jan 2018 00:00:00 +0530 Thu, 25 Jan 2018 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353456 The tribunal allowed the appeal, ordering the deletion of the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the insufficiency of evidence, failure to provide an opportunity for cross-examination of a third-party statement, and the genuineness of the purchases supported by relevant documentation. The tribunal considered the explanation provided by the assessee as bona fide, leading to the conclusion that the penalty was unjustified. Case-Laws Income Tax Wed, 03 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353456