https://www.taxtmi.com/caselaws?id=395014 The Tribunal allowed the appeals related to the addition of bogus liabilities and penalties levied under section 271(1)(c) of the Income Tax Act. The assessing officer incorrectly applied section 68 to outstanding balances of sundry creditors, which were later paid off through legitimate means. The penalties were deleted due to the incorrect application of provisions and lack of evidence supporting the additions, ultimately resulting in the appeals being allowed. en-us Fri, 28 Feb 2020 00:00:00 +0530 Sat, 02 May 2020 08:51:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395014 The Tribunal allowed the appeals related to the addition of bogus liabilities and penalties levied under section 271(1)(c) of the Income Tax Act. The assessing officer incorrectly applied section 68 to outstanding balances of sundry creditors, which were later paid off through legitimate means. The penalties were deleted due to the incorrect application of provisions and lack of evidence supporting the additions, ultimately resulting in the appeals being allowed. Case-Laws Income Tax Fri, 28 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395014