https://www.taxtmi.com/caselaws?id=64491 The Income-tax Appellate Tribunal (ITAT) upheld the decision that Shri Mukesh Kumar was a benamidar for Jawahar Lal Goyal and treated his investment as a loan. The Tribunal found Mukesh Kumar's explanation unsatisfactory, leading to the addition of undisclosed income. However, the Tribunal canceled the penalty for concealment of income under section 271(1)(c) as the assessee provided a bona fide explanation and did not deliberately conceal income. en-us Tue, 23 Mar 1993 00:00:00 +0530 Tue, 08 Feb 2011 11:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64491 The Income-tax Appellate Tribunal (ITAT) upheld the decision that Shri Mukesh Kumar was a benamidar for Jawahar Lal Goyal and treated his investment as a loan. The Tribunal found Mukesh Kumar's explanation unsatisfactory, leading to the addition of undisclosed income. However, the Tribunal canceled the penalty for concealment of income under section 271(1)(c) as the assessee provided a bona fide explanation and did not deliberately conceal income. Case-Laws Income Tax Tue, 23 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64491