https://www.taxtmi.com/caselaws?id=372042 The ITAT set aside the CIT(A)'s decision to uphold a penalty of Rs. 7,72,271 under section 271(1)(c) of the Income Tax Act, 1961. The ITAT found that although the additional evidence provided by the assessee did not conclusively prove the genuineness of the loans, it indicated that the transactions were not entirely bogus. Therefore, the penalty was deemed unjustified, and the ITAT directed the deletion of the penalty amount. The appeal by the assessee was partly allowed, with the penalty-related grounds decided in favor of the assessee. en-us Mon, 13 Aug 2018 00:00:00 +0530 Mon, 17 Dec 2018 06:38:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372042 The ITAT set aside the CIT(A)'s decision to uphold a penalty of Rs. 7,72,271 under section 271(1)(c) of the Income Tax Act, 1961. The ITAT found that although the additional evidence provided by the assessee did not conclusively prove the genuineness of the loans, it indicated that the transactions were not entirely bogus. Therefore, the penalty was deemed unjustified, and the ITAT directed the deletion of the penalty amount. The appeal by the assessee was partly allowed, with the penalty-related grounds decided in favor of the assessee. Case-Laws Income Tax Mon, 13 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372042