https://www.taxtmi.com/caselaws?id=63718 The Tribunal confirmed the penalty under section 271(1)(c) for a cash credit of Rs. 10,000 as the assessee failed to prove its genuineness. However, the penalty for notional interest of Rs. 1,100 and household expenses of Rs. 5,100 was canceled. The penalty for the addition of Rs. 93,311 related to silver bars was also canceled, as the explanation provided was not conclusively proven false or unsubstantiated. The Revenue's appeal was rejected, upholding the cancellation of the penalty for the silver bars addition. en-us Mon, 09 Nov 1992 00:00:00 +0530 Tue, 01 Feb 2011 14:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63718 The Tribunal confirmed the penalty under section 271(1)(c) for a cash credit of Rs. 10,000 as the assessee failed to prove its genuineness. However, the penalty for notional interest of Rs. 1,100 and household expenses of Rs. 5,100 was canceled. The penalty for the addition of Rs. 93,311 related to silver bars was also canceled, as the explanation provided was not conclusively proven false or unsubstantiated. The Revenue's appeal was rejected, upholding the cancellation of the penalty for the silver bars addition. Case-Laws Income Tax Mon, 09 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63718