https://www.taxtmi.com/caselaws?id=303422 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act for the assessment year 2007-08, finding that the assessee had maintained complete and audited books of account, disclosed all sales with supporting documentation, and that there was no evidence of income concealment or furnishing inaccurate particulars. The Tribunal emphasized that penalty imposition is discretionary and not automatic, ultimately deleting the penalty and allowing the appeal of the assessee. en-us Tue, 25 Aug 2015 00:00:00 +0530 Fri, 22 Jul 2022 09:15:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303422 The Tribunal set aside the penalty imposed under Section 271(1)(c) of the Income Tax Act for the assessment year 2007-08, finding that the assessee had maintained complete and audited books of account, disclosed all sales with supporting documentation, and that there was no evidence of income concealment or furnishing inaccurate particulars. The Tribunal emphasized that penalty imposition is discretionary and not automatic, ultimately deleting the penalty and allowing the appeal of the assessee. Case-Laws Income Tax Tue, 25 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303422