https://www.taxtmi.com/caselaws?id=293975 The Tribunal allowed the appeal, overturning the CIT(A)'s order, and directed the AO to delete the penalty of Rs. 7,30,464 under section 271(1)(c) of the Income Tax Act for the assessment year 2005-06. The Tribunal found the penalty unjustified, as it was based solely on estimates and lacked concrete evidence of grey market purchases. en-us Wed, 03 Jun 2015 00:00:00 +0530 Tue, 12 Nov 2024 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293975 The Tribunal allowed the appeal, overturning the CIT(A)'s order, and directed the AO to delete the penalty of Rs. 7,30,464 under section 271(1)(c) of the Income Tax Act for the assessment year 2005-06. The Tribunal found the penalty unjustified, as it was based solely on estimates and lacked concrete evidence of grey market purchases. Case-Laws Income Tax Wed, 03 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293975