https://www.taxtmi.com/caselaws?id=209693 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act imposed on the assessee due to the addition of Rs. 5,50,000 as unexplained cash credit and the disallowance of depreciation claim of Rs. 11,00,000 on studio equipment. The Tribunal found that the assessee failed to provide sufficient evidence to support these claims, leading to the conclusion that the penalty was justified for furnishing inaccurate particulars of income and concealing income. The appeal by the assessee was dismissed, affirming the decisions of the tax authorities. en-us Wed, 18 May 2011 00:00:00 +0530 Mon, 06 Feb 2012 22:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209693 The Tribunal upheld the penalty under Section 271(1)(c) of the Income Tax Act imposed on the assessee due to the addition of Rs. 5,50,000 as unexplained cash credit and the disallowance of depreciation claim of Rs. 11,00,000 on studio equipment. The Tribunal found that the assessee failed to provide sufficient evidence to support these claims, leading to the conclusion that the penalty was justified for furnishing inaccurate particulars of income and concealing income. The appeal by the assessee was dismissed, affirming the decisions of the tax authorities. Case-Laws Income Tax Wed, 18 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209693