https://www.taxtmi.com/caselaws?id=35911 The Tribunal overturned the disallowance of Rs. 24,000 in assessment for a firm's purchase of Nickel due to lack of concrete evidence proving it fictitious. The penalty imposed under section 271(1)(c) was vacated by the Tribunal, citing consistent financial indicators and insufficient proof of wrongdoing. The High Court upheld the Tribunal's decision, emphasizing the need for factual basis and consistency in accounts, ultimately ruling in favor of the assessee and canceling the penalty. en-us Wed, 02 Apr 1980 00:00:00 +0530 Wed, 17 Mar 2010 17:59:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35911 The Tribunal overturned the disallowance of Rs. 24,000 in assessment for a firm's purchase of Nickel due to lack of concrete evidence proving it fictitious. The penalty imposed under section 271(1)(c) was vacated by the Tribunal, citing consistent financial indicators and insufficient proof of wrongdoing. The High Court upheld the Tribunal's decision, emphasizing the need for factual basis and consistency in accounts, ultimately ruling in favor of the assessee and canceling the penalty. Case-Laws Income Tax Wed, 02 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35911