https://www.taxtmi.com/caselaws?id=382330 The appeals challenging penalties under section 271(1)(c) of the Income Tax Act for assessment years 2007-08 and 2008-09 were allowed for statistical purposes. The case was remanded back to the CIT(A) for further consideration based on the submission of additional evidence by the assessee to support the claim of contract receipts. The judgment emphasized the importance of providing evidence to substantiate the nature of deposits and highlighted the necessity for the assessee to prove that the deposits were indeed business receipts. en-us Fri, 28 Jun 2019 00:00:00 +0530 Sat, 29 Jun 2019 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382330 The appeals challenging penalties under section 271(1)(c) of the Income Tax Act for assessment years 2007-08 and 2008-09 were allowed for statistical purposes. The case was remanded back to the CIT(A) for further consideration based on the submission of additional evidence by the assessee to support the claim of contract receipts. The judgment emphasized the importance of providing evidence to substantiate the nature of deposits and highlighted the necessity for the assessee to prove that the deposits were indeed business receipts. Case-Laws Income Tax Fri, 28 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382330