https://www.taxtmi.com/caselaws?id=260833 The ITAT partly allowed the appeal regarding the unexplained cash credit addition under section 68 of the Income Tax Act for A.Y. 2003-04, emphasizing the burden of proof on the assessee. The ITAT fully allowed the appeal on the penalty levy under section 271(1)(c), highlighting the distinction between quantum assessments and penalty impositions. The decision stressed the necessity of providing concrete evidence to support claims and avoiding concealment of income particulars. en-us Tue, 09 Jun 2015 00:00:00 +0530 Mon, 08 Aug 2022 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260833 The ITAT partly allowed the appeal regarding the unexplained cash credit addition under section 68 of the Income Tax Act for A.Y. 2003-04, emphasizing the burden of proof on the assessee. The ITAT fully allowed the appeal on the penalty levy under section 271(1)(c), highlighting the distinction between quantum assessments and penalty impositions. The decision stressed the necessity of providing concrete evidence to support claims and avoiding concealment of income particulars. Case-Laws Income Tax Tue, 09 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260833