https://www.taxtmi.com/caselaws?id=204448 The Tribunal confirmed a penalty under section 271(1)(c) of the Income Tax Act for unexplained cash credit but canceled penalties related to bogus purchases and brokerage expenses. The penalty for unexplained cash credit was upheld as the assessee failed to substantiate the explanation. The penalty for bogus purchases was deleted as the Tribunal removed the corresponding addition. The penalty for brokerage expenses was canceled following a Supreme Court decision. The appeal was partly allowed, confirming the penalty for bogus gifts and directing the calculation of the minimum penalty. Penalties for the other additions were canceled. en-us Fri, 25 Jun 2010 00:00:00 +0530 Thu, 05 May 2011 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204448 The Tribunal confirmed a penalty under section 271(1)(c) of the Income Tax Act for unexplained cash credit but canceled penalties related to bogus purchases and brokerage expenses. The penalty for unexplained cash credit was upheld as the assessee failed to substantiate the explanation. The penalty for bogus purchases was deleted as the Tribunal removed the corresponding addition. The penalty for brokerage expenses was canceled following a Supreme Court decision. The appeal was partly allowed, confirming the penalty for bogus gifts and directing the calculation of the minimum penalty. Penalties for the other additions were canceled. Case-Laws Income Tax Fri, 25 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204448