https://www.taxtmi.com/caselaws?id=377438 The Tribunal allowed the appeals for the assessment years 2006-07 and 2007-08, ordering the deletion of the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the AO failed to provide conclusive evidence to support the penalty, and procedural defects in the penalty notice were noted. The Tribunal emphasized that the assessee had provided explanations and maintained stock records, leading to the decision to delete the penalty. en-us Tue, 26 Mar 2019 00:00:00 +0530 Fri, 26 Apr 2019 10:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377438 The Tribunal allowed the appeals for the assessment years 2006-07 and 2007-08, ordering the deletion of the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the AO failed to provide conclusive evidence to support the penalty, and procedural defects in the penalty notice were noted. The Tribunal emphasized that the assessee had provided explanations and maintained stock records, leading to the decision to delete the penalty. Case-Laws Income Tax Tue, 26 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377438