https://www.taxtmi.com/caselaws?id=394089 The Appellate Tribunal upheld the decision to delete the penalty imposed on the assessee for alleged non-genuine purchases. The Tribunal emphasized that a mere disallowance of expenses does not automatically attract penalty under section 271(1)(c) of the Income Tax Act. Legal precedents were cited to support the decision, highlighting that findings in assessment proceedings should not automatically lead to penalty imposition. The Tribunal found that there was no evidence of concealment or mala-fide intent to reduce taxable income, leading to the dismissal of the appeal by the revenue. en-us Fri, 13 Mar 2020 00:00:00 +0530 Tue, 31 Mar 2020 17:08:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394089 The Appellate Tribunal upheld the decision to delete the penalty imposed on the assessee for alleged non-genuine purchases. The Tribunal emphasized that a mere disallowance of expenses does not automatically attract penalty under section 271(1)(c) of the Income Tax Act. Legal precedents were cited to support the decision, highlighting that findings in assessment proceedings should not automatically lead to penalty imposition. The Tribunal found that there was no evidence of concealment or mala-fide intent to reduce taxable income, leading to the dismissal of the appeal by the revenue. Case-Laws Income Tax Fri, 13 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394089