https://www.taxtmi.com/caselaws?id=279936 The Tribunal ruled in favor of the appellant, directing the deletion of the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The penalty was initiated due to an addition of Rs. 6,09,463 on account of bogus purchase, which was reduced to Rs. 1,21,896 by the CIT(A). The Tribunal found flaws in the penalty notice and similarities with cases where penalties were not upheld, leading to the decision that the penalty was not justified. As a result, the appeal was allowed, and the penalty was set aside. en-us Tue, 10 Apr 2018 00:00:00 +0530 Thu, 11 Apr 2019 20:36:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279936 The Tribunal ruled in favor of the appellant, directing the deletion of the penalty imposed under section 271(1)(c) of the I.T. Act, 1961. The penalty was initiated due to an addition of Rs. 6,09,463 on account of bogus purchase, which was reduced to Rs. 1,21,896 by the CIT(A). The Tribunal found flaws in the penalty notice and similarities with cases where penalties were not upheld, leading to the decision that the penalty was not justified. As a result, the appeal was allowed, and the penalty was set aside. Case-Laws Income Tax Tue, 10 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279936