https://www.taxtmi.com/caselaws?id=66974 The Appellate Tribunal ITAT Indore assessed undisclosed income and imposed a penalty under section 271(1)(c). The case involved discrepancies in income related to unexplained investments. The Tribunal scrutinized a fixed deposit made in the name of the assessee by his wife, finding inconsistencies in her financial records. Despite doubts, the Tribunal ruled that the explanation, although questionable, was not impossible. Emphasizing the need for substantiated claims, the Tribunal canceled the penalty, highlighting the importance of a clear nexus between undisclosed income and the assessee. en-us Thu, 21 Feb 1980 00:00:00 +0530 Tue, 08 Mar 2011 15:41:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66974 The Appellate Tribunal ITAT Indore assessed undisclosed income and imposed a penalty under section 271(1)(c). The case involved discrepancies in income related to unexplained investments. The Tribunal scrutinized a fixed deposit made in the name of the assessee by his wife, finding inconsistencies in her financial records. Despite doubts, the Tribunal ruled that the explanation, although questionable, was not impossible. Emphasizing the need for substantiated claims, the Tribunal canceled the penalty, highlighting the importance of a clear nexus between undisclosed income and the assessee. Case-Laws Income Tax Thu, 21 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66974