https://www.taxtmi.com/caselaws?id=69333 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, reversing the CIT(A)'s decision. It found that the assessee did not prove the genuineness of loans, failed to discharge the initial onus, and provided implausible explanations. The Tribunal directed the Assessing Officer to calculate and levy the minimum penalty based on the correct amount of tax evaded, estimated to be below Rs. 10 lakhs. The Revenue's appeal was partly allowed. en-us Wed, 07 Dec 2005 00:00:00 +0530 Wed, 06 Apr 2011 12:37:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69333 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, reversing the CIT(A)'s decision. It found that the assessee did not prove the genuineness of loans, failed to discharge the initial onus, and provided implausible explanations. The Tribunal directed the Assessing Officer to calculate and levy the minimum penalty based on the correct amount of tax evaded, estimated to be below Rs. 10 lakhs. The Revenue's appeal was partly allowed. Case-Laws Income Tax Wed, 07 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69333