https://www.taxtmi.com/caselaws?id=121590 The ITAT upheld the CIT(A)'s decision to cancel the penalty under Section 271(1)(c) of the Income-tax Act. The ITAT found that the explanations provided by the assessee for cash credits, unproved advances, and unexplained capital were legitimate and bona fide. The ITAT emphasized the need for the assessee to disclose all material facts and provide a bona fide explanation. The appeal of the revenue was dismissed, affirming the cancellation of the penalty. en-us Wed, 11 Feb 2009 00:00:00 +0530 Tue, 31 Jul 2012 17:59:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121590 The ITAT upheld the CIT(A)'s decision to cancel the penalty under Section 271(1)(c) of the Income-tax Act. The ITAT found that the explanations provided by the assessee for cash credits, unproved advances, and unexplained capital were legitimate and bona fide. The ITAT emphasized the need for the assessee to disclose all material facts and provide a bona fide explanation. The appeal of the revenue was dismissed, affirming the cancellation of the penalty. Case-Laws Income Tax Wed, 11 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121590