https://www.taxtmi.com/caselaws?id=427602 The Tribunal found that the Commissioner of Income Tax (Appeals) erred in confirming the penalty imposed under section 271(1)(c) of the Income Tax Act. It held that the Commissioner exceeded jurisdiction by not properly considering vital facts and evidence, leading to doubts about the genuineness of the transaction. The Tribunal emphasized the need for distinct evidence to establish guilt in penalty proceedings, separate from assessment findings. Ultimately, the penalty was canceled, and the appeal by the assessee was allowed. en-us Fri, 26 Aug 2022 00:00:00 +0530 Tue, 13 Sep 2022 06:48:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427602 The Tribunal found that the Commissioner of Income Tax (Appeals) erred in confirming the penalty imposed under section 271(1)(c) of the Income Tax Act. It held that the Commissioner exceeded jurisdiction by not properly considering vital facts and evidence, leading to doubts about the genuineness of the transaction. The Tribunal emphasized the need for distinct evidence to establish guilt in penalty proceedings, separate from assessment findings. Ultimately, the penalty was canceled, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 26 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427602