https://www.taxtmi.com/caselaws?id=120136 The Tribunal upheld the penalty under section 271(1)(c) for unexplained deposits, emphasizing the lack of bona fide explanation and admissible evidence. However, the penalty for interest disallowance on borrowings was canceled, considering the assessee's genuine belief in claim validity. Additionally, the penalty for low household withdrawals was deleted due to insufficient evidence of deliberate misreporting. The Tribunal highlighted the significance of bona fide belief and specific evidence in penalty determinations, dismissing both parties' appeals. en-us Fri, 09 Jun 2006 00:00:00 +0530 Tue, 17 Jul 2012 11:29:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120136 The Tribunal upheld the penalty under section 271(1)(c) for unexplained deposits, emphasizing the lack of bona fide explanation and admissible evidence. However, the penalty for interest disallowance on borrowings was canceled, considering the assessee's genuine belief in claim validity. Additionally, the penalty for low household withdrawals was deleted due to insufficient evidence of deliberate misreporting. The Tribunal highlighted the significance of bona fide belief and specific evidence in penalty determinations, dismissing both parties' appeals. Case-Laws Income Tax Fri, 09 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120136