https://www.taxtmi.com/caselaws?id=382529 The Appellate Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, amounting to Rs. 35 lakhs, as it found that the genuineness of the transaction was not disproved, even though unproved. The Tribunal emphasized that a mere change in the head of income does not warrant a penalty and that when a substantial question of law is admitted, the penalty cannot be levied. The Tribunal's decision to delete the penalty was upheld, dismissing the Revenue's contention that the transactions were colorable and justifying the thorough analysis of relevant case laws. en-us Tue, 18 Jun 2019 00:00:00 +0530 Fri, 05 Jul 2019 06:36:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382529 The Appellate Tribunal set aside the penalty imposed under section 271(1)(c) of the Income Tax Act, amounting to Rs. 35 lakhs, as it found that the genuineness of the transaction was not disproved, even though unproved. The Tribunal emphasized that a mere change in the head of income does not warrant a penalty and that when a substantial question of law is admitted, the penalty cannot be levied. The Tribunal's decision to delete the penalty was upheld, dismissing the Revenue's contention that the transactions were colorable and justifying the thorough analysis of relevant case laws. Case-Laws Income Tax Tue, 18 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382529