https://www.taxtmi.com/caselaws?id=355014 The Ld. CIT(A) deleted the penalty imposed under Section 271(1)(c) as the sales were found to be genuine and properly recorded. The reliance on third-party statements without cross-examination and the lack of discrepancies in the assessee's documentation weakened the case for penalty imposition. The appeal by the revenue was dismissed, affirming the deletion of the penalty. The judgment highlights the significance of thorough verification and cross-examination in penalty proceedings, distinguishing between penalty and assessment processes. en-us Tue, 30 Jan 2018 00:00:00 +0530 Thu, 08 Feb 2018 07:49:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355014 The Ld. CIT(A) deleted the penalty imposed under Section 271(1)(c) as the sales were found to be genuine and properly recorded. The reliance on third-party statements without cross-examination and the lack of discrepancies in the assessee's documentation weakened the case for penalty imposition. The appeal by the revenue was dismissed, affirming the deletion of the penalty. The judgment highlights the significance of thorough verification and cross-examination in penalty proceedings, distinguishing between penalty and assessment processes. Case-Laws Income Tax Tue, 30 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355014