https://www.taxtmi.com/caselaws?id=243713 The Tribunal partially allowed the appeal by deleting additions of Rs. 7,50,000 out of Rs. 10,00,000 under Section 68 related to loans, reducing the disallowance of cash expenses to Rs. 50,000, and addressing interest and penalty issues as per the law. The Tribunal found the initiation of penalty proceedings premature and rejected it, clarifying that the assessee could contest any penalty imposed according to the law. en-us Wed, 05 Feb 2014 00:00:00 +0530 Sat, 08 Feb 2014 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243713 The Tribunal partially allowed the appeal by deleting additions of Rs. 7,50,000 out of Rs. 10,00,000 under Section 68 related to loans, reducing the disallowance of cash expenses to Rs. 50,000, and addressing interest and penalty issues as per the law. The Tribunal found the initiation of penalty proceedings premature and rejected it, clarifying that the assessee could contest any penalty imposed according to the law. Case-Laws Income Tax Wed, 05 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243713