https://www.taxtmi.com/caselaws?id=55804 The Tribunal directed the Assessing Officer to reconsider the penalty under Section 271(1)(c) of the IT Act in light of the reduced addition to the assessee's income following the quantum appeal decision. The matter was remanded for fresh consideration to determine if the sustained addition truly reflected inflated purchase prices, as the Tribunal found that the materials were received and utilized by the assessee, altering the basis for the penalty imposition. The assessee's appeal was allowed for statistical purposes, with the penalty issue requiring re-evaluation. en-us Thu, 29 Mar 2001 00:00:00 +0530 Fri, 24 Feb 2012 18:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55804 The Tribunal directed the Assessing Officer to reconsider the penalty under Section 271(1)(c) of the IT Act in light of the reduced addition to the assessee's income following the quantum appeal decision. The matter was remanded for fresh consideration to determine if the sustained addition truly reflected inflated purchase prices, as the Tribunal found that the materials were received and utilized by the assessee, altering the basis for the penalty imposition. The assessee's appeal was allowed for statistical purposes, with the penalty issue requiring re-evaluation. Case-Laws Income Tax Thu, 29 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55804