https://www.taxtmi.com/caselaws?id=205054 The Tribunal partly allowed the appeal, canceling the penalty for the disallowed Rs. 90,000/- hotel expenses but confirming the penalty for the Rs. 7,00,000/- unexplained creditors addition. The Tribunal found the explanation for the Rs. 7,00,000/- addition lacking substantiation, not bona fide, and missing essential material facts, warranting the penalty under Explanation 1(B) to Section 271(1)(C) of the Income Tax Act, 1961. en-us Fri, 28 May 2010 00:00:00 +0530 Thu, 09 Aug 2012 15:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205054 The Tribunal partly allowed the appeal, canceling the penalty for the disallowed Rs. 90,000/- hotel expenses but confirming the penalty for the Rs. 7,00,000/- unexplained creditors addition. The Tribunal found the explanation for the Rs. 7,00,000/- addition lacking substantiation, not bona fide, and missing essential material facts, warranting the penalty under Explanation 1(B) to Section 271(1)(C) of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 28 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205054