https://www.taxtmi.com/caselaws?id=263617 The Tribunal allowed the assessee's appeal, deleting the penalty imposed under section 271(1)(c) for the assessment year 2005-06. The Tribunal found the explanation provided by the assessee regarding the source of the undisclosed income of Rs. 20 lakhs to be satisfactory, noting the lack of corroborative evidence supporting the addition. The Tribunal emphasized the need for specific evidence to support penalty imposition and differentiated between quantum and penalty proceedings, ultimately ruling in favor of the assessee. en-us Wed, 26 Aug 2015 00:00:00 +0530 Mon, 07 Sep 2015 07:54:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263617 The Tribunal allowed the assessee's appeal, deleting the penalty imposed under section 271(1)(c) for the assessment year 2005-06. The Tribunal found the explanation provided by the assessee regarding the source of the undisclosed income of Rs. 20 lakhs to be satisfactory, noting the lack of corroborative evidence supporting the addition. The Tribunal emphasized the need for specific evidence to support penalty imposition and differentiated between quantum and penalty proceedings, ultimately ruling in favor of the assessee. Case-Laws Income Tax Wed, 26 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263617