https://www.taxtmi.com/caselaws?id=361242 The ITAT allowed the appeal of the assessee, directing the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on legal principles and precedents, overturning the penalty imposed by the Assessing Officer for unverifiable purchases and accommodation entries. The ITAT considered past cases from the Jaipur bench where similar penalties were deleted, leading to the conclusion that the penalty in this case was unwarranted. en-us Wed, 30 May 2018 00:00:00 +0530 Sat, 02 Jun 2018 13:12:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361242 The ITAT allowed the appeal of the assessee, directing the deletion of the penalty under section 271(1)(c) of the Income Tax Act, 1961. The decision was based on legal principles and precedents, overturning the penalty imposed by the Assessing Officer for unverifiable purchases and accommodation entries. The ITAT considered past cases from the Jaipur bench where similar penalties were deleted, leading to the conclusion that the penalty in this case was unwarranted. Case-Laws Income Tax Wed, 30 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361242