https://www.taxtmi.com/caselaws?id=62566 The Tribunal upheld the penalty under Section 271(1)(c) for unexplained cash credits, emphasizing that such credits could be treated as business receipts chargeable to tax. It clarified that Section 68 allows adding unexplained cash credits to income, rejecting the argument against its applicability to penalties. The burden of proof was shifted to the assessee under Explanation 1 to Section 271(1)(c), requiring them to prove discrepancies were not due to fraud. Specific cash credits were assessed, with penalties upheld for credits lacking substantiation. Ultimately, the Tribunal directed the penalty for unexplained credits of Rs. 13,000 related to two parties, while no penalty was levied for another credit. en-us Wed, 08 Feb 1995 00:00:00 +0530 Thu, 20 Jan 2011 14:07:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62566 The Tribunal upheld the penalty under Section 271(1)(c) for unexplained cash credits, emphasizing that such credits could be treated as business receipts chargeable to tax. It clarified that Section 68 allows adding unexplained cash credits to income, rejecting the argument against its applicability to penalties. The burden of proof was shifted to the assessee under Explanation 1 to Section 271(1)(c), requiring them to prove discrepancies were not due to fraud. Specific cash credits were assessed, with penalties upheld for credits lacking substantiation. Ultimately, the Tribunal directed the penalty for unexplained credits of Rs. 13,000 related to two parties, while no penalty was levied for another credit. Case-Laws Income Tax Wed, 08 Feb 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62566