https://www.taxtmi.com/caselaws?id=63204 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act for the addition of Rs. 96,000 as the explanations were deemed false. The penalty for Rs. 20,500 and Rs. 8,085 was canceled, while the penalty for Rs. 96,000 was upheld. The Revenue's appeal was dismissed, and the penalty on the assessee was canceled due to lack of substantiated explanations. en-us Wed, 14 Jun 1989 00:00:00 +0530 Fri, 28 Jan 2011 13:43:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63204 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act for the addition of Rs. 96,000 as the explanations were deemed false. The penalty for Rs. 20,500 and Rs. 8,085 was canceled, while the penalty for Rs. 96,000 was upheld. The Revenue's appeal was dismissed, and the penalty on the assessee was canceled due to lack of substantiated explanations. Case-Laws Income Tax Wed, 14 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63204