https://www.taxtmi.com/caselaws?id=380585 The Tribunal deleted the penalty imposed under section 271(1)(c) of the Income Tax Act, amounting to Rs. 5.74 lakhs, as the appellant's explanation for alleged bogus purchases was deemed plausible. Despite facing a quantum addition of Rs. 16.62 lakhs, the Tribunal found no concealment of income and noted the active TIN of the suppliers at the time of purchase. The penalty imposition was unjustified based on the appellant's conduct, leading to the deletion of the penalty. en-us Thu, 16 May 2019 00:00:00 +0530 Thu, 23 May 2019 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380585 The Tribunal deleted the penalty imposed under section 271(1)(c) of the Income Tax Act, amounting to Rs. 5.74 lakhs, as the appellant's explanation for alleged bogus purchases was deemed plausible. Despite facing a quantum addition of Rs. 16.62 lakhs, the Tribunal found no concealment of income and noted the active TIN of the suppliers at the time of purchase. The penalty imposition was unjustified based on the appellant's conduct, leading to the deletion of the penalty. Case-Laws Income Tax Thu, 16 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380585