https://www.taxtmi.com/caselaws?id=283209 The Tribunal set aside the penalties imposed under section 271(1)(c) of the Income Tax Act on two separate appeals by different assessees. The penalties were based on cash deposits in bank accounts, which the assessee explained were from trading goods sales supported by business transactions. Despite an affidavit filed during penalty proceedings and requests for further investigations, the Assessing Officer relied on suspicion and conjectures. The Tribunal found the penalty imposition unjustified, emphasizing the need for evidence-based decisions and directed the deletion of penalties in both appeals. An additional ground raised by the assessee was dismissed as it was not pursued during the proceedings. en-us Mon, 19 Mar 2018 00:00:00 +0530 Thu, 12 Sep 2019 17:40:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283209 The Tribunal set aside the penalties imposed under section 271(1)(c) of the Income Tax Act on two separate appeals by different assessees. The penalties were based on cash deposits in bank accounts, which the assessee explained were from trading goods sales supported by business transactions. Despite an affidavit filed during penalty proceedings and requests for further investigations, the Assessing Officer relied on suspicion and conjectures. The Tribunal found the penalty imposition unjustified, emphasizing the need for evidence-based decisions and directed the deletion of penalties in both appeals. An additional ground raised by the assessee was dismissed as it was not pursued during the proceedings. Case-Laws Income Tax Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283209