https://www.taxtmi.com/caselaws?id=464155 ITAT-MUMBAI held that the assessee's claim of purchases remained unproved but was not conclusively disproved by the revenue; absence of irrefutable evidence that amounts represented concealed income meant penalty under s.271(1)(c) could not be sustained. Though additions were made in quantum proceedings, records did not permit a reasonable and positive inference of falsehood. Accordingly the penalty was vacated and the assessee's appeal allowed. en-us Wed, 19 Sep 2018 00:00:00 +0530 Wed, 08 Oct 2025 08:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464155 ITAT-MUMBAI held that the assessee's claim of purchases remained unproved but was not conclusively disproved by the revenue; absence of irrefutable evidence that amounts represented concealed income meant penalty under s.271(1)(c) could not be sustained. Though additions were made in quantum proceedings, records did not permit a reasonable and positive inference of falsehood. Accordingly the penalty was vacated and the assessee's appeal allowed. Case-Laws Income Tax Wed, 19 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464155