https://www.taxtmi.com/caselaws?id=254712 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, due to the appellant's failure to explain a cash deposit and establish the identity and creditworthiness of the party involved. Despite arguments regarding the availability of share applicant details in the books and a difference of opinion, the Tribunal applied the deeming fiction for concealment of income, affirming the penalty decision made by the Assessing Officer and confirmed by the Ld. CIT(A). The appellant's inability to provide a satisfactory explanation led to the dismissal of the appeal. en-us Fri, 21 Nov 2014 00:00:00 +0530 Mon, 29 Dec 2014 21:07:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254712 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, due to the appellant's failure to explain a cash deposit and establish the identity and creditworthiness of the party involved. Despite arguments regarding the availability of share applicant details in the books and a difference of opinion, the Tribunal applied the deeming fiction for concealment of income, affirming the penalty decision made by the Assessing Officer and confirmed by the Ld. CIT(A). The appellant's inability to provide a satisfactory explanation led to the dismissal of the appeal. Case-Laws Income Tax Fri, 21 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254712