https://www.taxtmi.com/caselaws?id=418271 The Tribunal overturned the penalty imposed under section 271(1)(c) on unaccounted receipt and purchases, ruling that the assessee had already accounted for the disputed amounts in a different assessment year. The Tribunal found the penalty unjustified due to double taxation and lack of grounds for appeal against the additions, directing the Assessing Officer to delete the entire penalty. The decision was based on the consideration of submissions, evidence, and the remand report, leading to the conclusion that penal action was unwarranted in this case. en-us Wed, 09 Feb 2022 00:00:00 +0530 Sat, 12 Feb 2022 09:28:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418271 The Tribunal overturned the penalty imposed under section 271(1)(c) on unaccounted receipt and purchases, ruling that the assessee had already accounted for the disputed amounts in a different assessment year. The Tribunal found the penalty unjustified due to double taxation and lack of grounds for appeal against the additions, directing the Assessing Officer to delete the entire penalty. The decision was based on the consideration of submissions, evidence, and the remand report, leading to the conclusion that penal action was unwarranted in this case. Case-Laws Income Tax Wed, 09 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418271