https://www.taxtmi.com/caselaws?id=55683 The Tribunal allowed the appeal in part, upholding the deletion of penalties for additions under Sections 40A(3) and Incentive Bonus. However, the Tribunal found that a penalty under Section 271(1)(c) was applicable for the confirmed addition of Rs. 45,000 related to bogus purchases. Despite this, the Tribunal ultimately agreed with the CIT(A) that no penalty was leviable due to the final assessment resulting in a loss. en-us Tue, 26 Apr 1994 00:00:00 +0530 Mon, 29 Nov 2010 13:55:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55683 The Tribunal allowed the appeal in part, upholding the deletion of penalties for additions under Sections 40A(3) and Incentive Bonus. However, the Tribunal found that a penalty under Section 271(1)(c) was applicable for the confirmed addition of Rs. 45,000 related to bogus purchases. Despite this, the Tribunal ultimately agreed with the CIT(A) that no penalty was leviable due to the final assessment resulting in a loss. Case-Laws Income Tax Tue, 26 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55683