https://www.taxtmi.com/caselaws?id=362811 The Tribunal allowed the appeal of the assessee, annulling the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It held that the penalty was unjustified as there was no deliberate concealment or furnishing of inaccurate particulars by the assessee. The Tribunal found the addition of sundry creditors to be inconsistent with the acceptance of purchases and concluded that the penalty was unwarranted. The genuine nature of purchases and subsequent payments to creditors supported the reversal of the lower authorities' decisions. en-us Thu, 28 Jun 2018 00:00:00 +0530 Wed, 04 Jul 2018 09:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362811 The Tribunal allowed the appeal of the assessee, annulling the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. It held that the penalty was unjustified as there was no deliberate concealment or furnishing of inaccurate particulars by the assessee. The Tribunal found the addition of sundry creditors to be inconsistent with the acceptance of purchases and concluded that the penalty was unwarranted. The genuine nature of purchases and subsequent payments to creditors supported the reversal of the lower authorities' decisions. Case-Laws Income Tax Thu, 28 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362811