https://www.taxtmi.com/caselaws?id=216925 The ITAT reduced the addition of unexplained cash credits from Rs. 4,61,500 to Rs. 1,27,500 for the assessment year 2002-03, leading to the cancellation of the penalty originally imposed. The ITAT remitted the penalty issue back to the A.O. for fresh consideration. For the assessment year 2003-04, the ITAT canceled the penalty of Rs. 59,913 as the assessee disclosed all material facts necessary for assessment, and failure to prove the creditworthiness of donors did not warrant penalty imposition, following precedents in similar cases. en-us Tue, 31 Jul 2012 00:00:00 +0530 Sat, 22 Sep 2012 13:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216925 The ITAT reduced the addition of unexplained cash credits from Rs. 4,61,500 to Rs. 1,27,500 for the assessment year 2002-03, leading to the cancellation of the penalty originally imposed. The ITAT remitted the penalty issue back to the A.O. for fresh consideration. For the assessment year 2003-04, the ITAT canceled the penalty of Rs. 59,913 as the assessee disclosed all material facts necessary for assessment, and failure to prove the creditworthiness of donors did not warrant penalty imposition, following precedents in similar cases. Case-Laws Income Tax Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216925