https://www.taxtmi.com/caselaws?id=378229 The Tribunal allowed the appeal, revoking the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the assessee providing substantial evidence to support purchases, including invoices, bank statements, export documents, and supplier confirmations. The Tribunal emphasized that the addition should be specific and based on unverifiable purchases to justify such a penalty, ultimately finding no merit in upholding it in this case. en-us Mon, 08 Apr 2019 00:00:00 +0530 Thu, 11 Apr 2019 05:15:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378229 The Tribunal allowed the appeal, revoking the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The decision was based on the assessee providing substantial evidence to support purchases, including invoices, bank statements, export documents, and supplier confirmations. The Tribunal emphasized that the addition should be specific and based on unverifiable purchases to justify such a penalty, ultimately finding no merit in upholding it in this case. Case-Laws Income Tax Mon, 08 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378229