https://www.taxtmi.com/caselaws?id=410977 The tribunal dismissed the revenue's appeal regarding a penalty imposed under Sec. 271(1)(c) for bogus purchases, emphasizing that the tax effect was below the threshold limit for filing appeals. The tribunal ruled that the penalty proceedings and quantum proceedings are distinct, and unless a specific exception is provided in the CBDT Circular, penalties cannot be equated with quantum additions. As the penalty in this case was not covered by the circular's exception, the revenue's appeal was deemed not maintainable. en-us Tue, 23 Mar 2021 00:00:00 +0530 Fri, 13 Aug 2021 22:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410977 The tribunal dismissed the revenue's appeal regarding a penalty imposed under Sec. 271(1)(c) for bogus purchases, emphasizing that the tax effect was below the threshold limit for filing appeals. The tribunal ruled that the penalty proceedings and quantum proceedings are distinct, and unless a specific exception is provided in the CBDT Circular, penalties cannot be equated with quantum additions. As the penalty in this case was not covered by the circular's exception, the revenue's appeal was deemed not maintainable. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410977