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2019 (5) TMI 1313 - AT - Income TaxPenalty u/s. 271(1)(c) - bogus purchases from Hawala dealers - plausible explanation - HELD THAT:- Upon perusal of assessee’s submissions during appellate proceedings, we find that the assessee’s plea revolve around the fact that the purchases were made under bona-fide belief and in good faith that the suppliers were genuine. The suppliers used to visit assessee’s shop to supply the material as per routine practice. The TIN of the suppliers was found active at the time of purchase of goods. We find the explanation to be plausible one and the overall conduct of the assessee do not inspire us to confirm the penalty
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