https://www.taxtmi.com/caselaws?id=412332 The Tribunal upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act, 1961. The revenue's appeal against the Ld. CIT(A)'s decision to delete the penalty of Rs. 80,555 was dismissed. The Tribunal agreed with the Ld. CIT(A)'s reasoning, emphasizing the lack of evidence establishing the genuineness of the transaction, the applicability of CBDT Circular No 25/2015 exempting penalties in certain cases, and the absence of a bonafide explanation for the penalty imposition. Judicial decisions and principles were considered in supporting the deletion of the penalty. en-us Thu, 11 Feb 2021 00:00:00 +0530 Wed, 15 Sep 2021 13:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412332 The Tribunal upheld the deletion of penalty under section 271(1)(c) of the Income Tax Act, 1961. The revenue's appeal against the Ld. CIT(A)'s decision to delete the penalty of Rs. 80,555 was dismissed. The Tribunal agreed with the Ld. CIT(A)'s reasoning, emphasizing the lack of evidence establishing the genuineness of the transaction, the applicability of CBDT Circular No 25/2015 exempting penalties in certain cases, and the absence of a bonafide explanation for the penalty imposition. Judicial decisions and principles were considered in supporting the deletion of the penalty. Case-Laws Income Tax Thu, 11 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412332