https://www.taxtmi.com/caselaws?id=206330 The tribunal partially allowed the appeal, reducing or deleting penalties imposed under section 271(1)(c) of the Income-tax Act, 1961. Penalties were reduced for unexplained cash found during a survey, with the tribunal emphasizing the importance of substantiated and bona fide explanations provided by the assessee to avoid penalties. The tribunal highlighted the significance of proper disclosure and substantiation of explanations to mitigate penalties under the Income-tax Act. en-us Thu, 31 Mar 2011 00:00:00 +0530 Mon, 24 Oct 2011 08:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206330 The tribunal partially allowed the appeal, reducing or deleting penalties imposed under section 271(1)(c) of the Income-tax Act, 1961. Penalties were reduced for unexplained cash found during a survey, with the tribunal emphasizing the importance of substantiated and bona fide explanations provided by the assessee to avoid penalties. The tribunal highlighted the significance of proper disclosure and substantiation of explanations to mitigate penalties under the Income-tax Act. Case-Laws Income Tax Thu, 31 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206330