https://www.taxtmi.com/caselaws?id=123033 The Tribunal upheld the penalty of Rs. 2,01,628 imposed under Section 271(1)(c) of the Income Tax Act, 1961, for the Assessment Year 2006-07. The penalty was justified as the surrender of income was found to be made under compulsion rather than voluntarily. The assessee's explanation regarding unexplained cash credits was deemed inadequate, failing to establish the identity and creditworthiness of creditors. Citing incriminating material gathered during inquiries, the Tribunal dismissed the appeal, affirming the imposition of the penalty. en-us Fri, 25 Jun 2010 00:00:00 +0530 Tue, 11 Jun 2013 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=123033 The Tribunal upheld the penalty of Rs. 2,01,628 imposed under Section 271(1)(c) of the Income Tax Act, 1961, for the Assessment Year 2006-07. The penalty was justified as the surrender of income was found to be made under compulsion rather than voluntarily. The assessee's explanation regarding unexplained cash credits was deemed inadequate, failing to establish the identity and creditworthiness of creditors. Citing incriminating material gathered during inquiries, the Tribunal dismissed the appeal, affirming the imposition of the penalty. Case-Laws Income Tax Fri, 25 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=123033