https://www.taxtmi.com/caselaws?id=291854 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty of Rs. 18,006 imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the penalty imposition was not justified as the purchases were well-documented and payments were made through banking channels. It was determined that the Assessing Officer failed to substantiate the purchase entry rather than establish deliberate falsehood, leading to the deletion of the penalty. en-us Fri, 10 Nov 2017 00:00:00 +0530 Fri, 27 Nov 2020 09:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291854 The Tribunal allowed the appeal, directing the Assessing Officer to delete the penalty of Rs. 18,006 imposed under section 271(1)(c) of the Income Tax Act, 1961. The Tribunal found that the penalty imposition was not justified as the purchases were well-documented and payments were made through banking channels. It was determined that the Assessing Officer failed to substantiate the purchase entry rather than establish deliberate falsehood, leading to the deletion of the penalty. Case-Laws Income Tax Fri, 10 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291854