https://www.taxtmi.com/caselaws?id=386802 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 8,56,765/- due to disallowance of alleged bogus purchases. The assessee failed to provide documentary evidence to prove the genuineness of the transactions, shifting the burden of proof to the Revenue. The Tribunal found the penalty justified based on the lack of evidence and upheld the decision on 30/09/2019. en-us Mon, 30 Sep 2019 00:00:00 +0530 Wed, 09 Oct 2019 07:34:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386802 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act, 1961, amounting to Rs. 8,56,765/- due to disallowance of alleged bogus purchases. The assessee failed to provide documentary evidence to prove the genuineness of the transactions, shifting the burden of proof to the Revenue. The Tribunal found the penalty justified based on the lack of evidence and upheld the decision on 30/09/2019. Case-Laws Income Tax Mon, 30 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386802