https://www.taxtmi.com/caselaws?id=354366 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) for assessment year 2004-05, relating to M/s. Mauli Steel Pvt. Ltd. and M/s. Gajlaxmi Steel Pvt. Ltd. The Tribunal found that no evidence of unaccounted purchases or sales was presented, leading to the deletion of additions and penalties. Citing precedents and emphasizing the requirement for concrete evidence, the Tribunal dismissed the Revenue's appeals, applying the judgment mutatis mutandis to similar cases for the same assessment years. en-us Wed, 17 Jan 2018 00:00:00 +0530 Wed, 24 Jan 2018 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354366 The Tribunal upheld the CIT(A)'s decision to delete the penalty under section 271(1)(c) for assessment year 2004-05, relating to M/s. Mauli Steel Pvt. Ltd. and M/s. Gajlaxmi Steel Pvt. Ltd. The Tribunal found that no evidence of unaccounted purchases or sales was presented, leading to the deletion of additions and penalties. Citing precedents and emphasizing the requirement for concrete evidence, the Tribunal dismissed the Revenue's appeals, applying the judgment mutatis mutandis to similar cases for the same assessment years. Case-Laws Income Tax Wed, 17 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354366