https://www.taxtmi.com/caselaws?id=386804 The Tribunal allowed the assessee's appeals, directing the assessing officer to delete the Rs. 52,14,000 addition as it lacked foundation. Consequently, the penalty of Rs. 14,40,710 imposed under section 271(1)(c) was also deleted since it was based on the now-deleted addition. The Tribunal set aside the Ld. CIT (Appeals) order and ruled in favor of the assessee, with the decision announced on 01.10.2019. en-us Tue, 01 Oct 2019 00:00:00 +0530 Wed, 09 Oct 2019 07:34:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386804 The Tribunal allowed the assessee's appeals, directing the assessing officer to delete the Rs. 52,14,000 addition as it lacked foundation. Consequently, the penalty of Rs. 14,40,710 imposed under section 271(1)(c) was also deleted since it was based on the now-deleted addition. The Tribunal set aside the Ld. CIT (Appeals) order and ruled in favor of the assessee, with the decision announced on 01.10.2019. Case-Laws Income Tax Tue, 01 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386804