https://www.taxtmi.com/caselaws?id=298716 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2006-07 on the assessee. The decision was based on the lack of substantial evidence against the assessee and the presence of mitigating circumstances, including the absence of key witness statements. The Tribunal found the explanation provided by the assessee not blatantly false and gave the benefit of doubt, ultimately exonerating the assessee from the penalty. The judgment was delivered by the Appellate Tribunal ITAT Ahmedabad on 26/07/2019. en-us Fri, 26 Jul 2019 00:00:00 +0530 Wed, 17 Nov 2021 08:51:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298716 The Tribunal overturned the penalty imposed under section 271(1)(c) of the Income Tax Act for AY 2006-07 on the assessee. The decision was based on the lack of substantial evidence against the assessee and the presence of mitigating circumstances, including the absence of key witness statements. The Tribunal found the explanation provided by the assessee not blatantly false and gave the benefit of doubt, ultimately exonerating the assessee from the penalty. The judgment was delivered by the Appellate Tribunal ITAT Ahmedabad on 26/07/2019. Case-Laws Income Tax Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298716