https://www.taxtmi.com/caselaws?id=403441 The Tribunal allowed the appeals of the assessee, deleting the penalty proceedings for both Assessment Years 2009-10 and 2010-11. In the case of Assessment Year 2009-10, the Tribunal found that the penalty levied would not survive as the quantum orders related to bogus purchases were set aside. For Assessment Year 2010-11, the Tribunal concluded that the penalty was unjustified as the assessee had provided sufficient evidence for the purchases made, and the sole reason for imposing the penalty was the non-production of the purchase party for examination, which was deemed insufficient for penalty under section 271(1)(c). en-us Fri, 22 Jan 2021 00:00:00 +0530 Tue, 02 Feb 2021 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403441 The Tribunal allowed the appeals of the assessee, deleting the penalty proceedings for both Assessment Years 2009-10 and 2010-11. In the case of Assessment Year 2009-10, the Tribunal found that the penalty levied would not survive as the quantum orders related to bogus purchases were set aside. For Assessment Year 2010-11, the Tribunal concluded that the penalty was unjustified as the assessee had provided sufficient evidence for the purchases made, and the sole reason for imposing the penalty was the non-production of the purchase party for examination, which was deemed insufficient for penalty under section 271(1)(c). Case-Laws Income Tax Fri, 22 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403441