https://www.taxtmi.com/caselaws?id=425661 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed by the AO under section 271(1)(c) of the Act for the assessment year 2015-16. The Tribunal found that there was no evidence of the assessee receiving more money than declared in the sale deed, emphasizing the lack of proof of actual receipt of additional funds. It concluded that penalty imposition without such evidence was not justified, supporting the deletion of the penalty and dismissing the Revenue's appeal. en-us Tue, 26 Jul 2022 00:00:00 +0530 Wed, 27 Jul 2022 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425661 The Tribunal upheld the CIT(A)'s decision to delete the penalty imposed by the AO under section 271(1)(c) of the Act for the assessment year 2015-16. The Tribunal found that there was no evidence of the assessee receiving more money than declared in the sale deed, emphasizing the lack of proof of actual receipt of additional funds. It concluded that penalty imposition without such evidence was not justified, supporting the deletion of the penalty and dismissing the Revenue's appeal. Case-Laws Income Tax Tue, 26 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425661