https://www.taxtmi.com/caselaws?id=375805 The appellant successfully appealed against assessment and penalty proceedings for the assessment year 2008-09. The court found that the excess amount declared for the purchase of an immovable property was explained by savings from agricultural income, and no addition was warranted. The tribunal overturned the Commissioner's decision, deleting the addition upheld by the CIT(A). As the tribunal had already ruled out the addition, the penalty under section 271(1)(c) was deemed unsustainable and quashed. Both appeals were allowed, and the orders were pronounced on 21st February 2019. en-us Thu, 21 Feb 2019 00:00:00 +0530 Mon, 25 Feb 2019 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375805 The appellant successfully appealed against assessment and penalty proceedings for the assessment year 2008-09. The court found that the excess amount declared for the purchase of an immovable property was explained by savings from agricultural income, and no addition was warranted. The tribunal overturned the Commissioner's decision, deleting the addition upheld by the CIT(A). As the tribunal had already ruled out the addition, the penalty under section 271(1)(c) was deemed unsustainable and quashed. Both appeals were allowed, and the orders were pronounced on 21st February 2019. Case-Laws Income Tax Thu, 21 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375805