https://www.taxtmi.com/caselaws?id=258904 The Tribunal upheld the addition of Rs. 15 lakhs under Section 68 of the Income Tax Act, dismissing the quantum appeal. However, the penalty appeal was allowed, directing the deletion of the penalty imposed under Section 271(1)(c) for allegedly filing inaccurate particulars of income. The Tribunal emphasized the distinction between penalty and assessment proceedings and referred to relevant case law to support its decision. en-us Fri, 20 Feb 2015 00:00:00 +0530 Fri, 24 Apr 2015 06:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258904 The Tribunal upheld the addition of Rs. 15 lakhs under Section 68 of the Income Tax Act, dismissing the quantum appeal. However, the penalty appeal was allowed, directing the deletion of the penalty imposed under Section 271(1)(c) for allegedly filing inaccurate particulars of income. The Tribunal emphasized the distinction between penalty and assessment proceedings and referred to relevant case law to support its decision. Case-Laws Income Tax Fri, 20 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258904