https://www.taxtmi.com/caselaws?id=399531 The appeal filed by the revenue was deemed non-maintainable as it fell below the revised monetary limit set by CBDT. The penalty imposed under section 271(1)(c) of the Income Tax Act for bogus purchases was found unjustified by the Tribunal, as there was no concrete evidence of concealment of income by the assessee. The penalty was deleted based on various judicial precedents emphasizing the requirement of actual concealment or furnishing inaccurate particulars for penalty imposition. The Tribunal dismissed both appeals and upheld the deletion of the penalty by the Ld. CIT(A) due to lack of evidence supporting active concealment of income. en-us Mon, 27 Jul 2020 00:00:00 +0530 Mon, 12 Oct 2020 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399531 The appeal filed by the revenue was deemed non-maintainable as it fell below the revised monetary limit set by CBDT. The penalty imposed under section 271(1)(c) of the Income Tax Act for bogus purchases was found unjustified by the Tribunal, as there was no concrete evidence of concealment of income by the assessee. The penalty was deleted based on various judicial precedents emphasizing the requirement of actual concealment or furnishing inaccurate particulars for penalty imposition. The Tribunal dismissed both appeals and upheld the deletion of the penalty by the Ld. CIT(A) due to lack of evidence supporting active concealment of income. Case-Laws Income Tax Mon, 27 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399531