https://www.taxtmi.com/caselaws?id=62591 The Tribunal allowed the appeal, deleting the penalty imposed under Section 271(1)(c) and addressing the issues related to the addition of Rs. 20,500 under Section 68 of the Income-tax Act. The Tribunal held that the Assessing Officer was not justified in imposing the penalty, as the assessee's explanation was deemed bona fide and supported by evidence such as confirmation letters for some creditors and loans given by cheques. Consequently, the penalty of Rs. 15,785 was deleted. en-us Fri, 30 Jun 1995 00:00:00 +0530 Thu, 20 Jan 2011 16:07:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62591 The Tribunal allowed the appeal, deleting the penalty imposed under Section 271(1)(c) and addressing the issues related to the addition of Rs. 20,500 under Section 68 of the Income-tax Act. The Tribunal held that the Assessing Officer was not justified in imposing the penalty, as the assessee's explanation was deemed bona fide and supported by evidence such as confirmation letters for some creditors and loans given by cheques. Consequently, the penalty of Rs. 15,785 was deleted. Case-Laws Income Tax Fri, 30 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62591