https://www.taxtmi.com/caselaws?id=218303 The Tribunal upheld the penalty imposed on the Assessee for unexplained cash credit under section 68 of the IT Act, as the Assessee failed to establish the identity and creditworthiness of the party involved in the transaction. However, the Tribunal set aside the penalty for disallowance of depreciation, ruling that the Assessee's claim was not false but an inadvertent error, supported by evidence. The Assessee was found not guilty of concealment under section 271(1)(c) of the IT Act, based on relevant case law. en-us Fri, 05 Oct 2012 00:00:00 +0530 Fri, 02 Nov 2012 11:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218303 The Tribunal upheld the penalty imposed on the Assessee for unexplained cash credit under section 68 of the IT Act, as the Assessee failed to establish the identity and creditworthiness of the party involved in the transaction. However, the Tribunal set aside the penalty for disallowance of depreciation, ruling that the Assessee's claim was not false but an inadvertent error, supported by evidence. The Assessee was found not guilty of concealment under section 271(1)(c) of the IT Act, based on relevant case law. Case-Laws Income Tax Fri, 05 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218303