https://www.taxtmi.com/caselaws?id=263652 The Tribunal set aside the CIT(A)'s order and directed the AO to cancel the penalty on the unproved loan of Rs. 11,50,000 and proportionate interest. The appeal by the assessee was partially allowed, with penalties on Rs. 5 lakhs canceled due to prior disclosure in the return and lack of incriminating evidence, and penalties on the remaining Rs. 6,50,000 canceled due to lack of sufficient grounds for penalty under Section 271(1)(c) in the assessment under Sections 153C and 153A of the Income Tax Act. en-us Wed, 17 Jun 2015 00:00:00 +0530 Sat, 26 Sep 2015 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263652 The Tribunal set aside the CIT(A)'s order and directed the AO to cancel the penalty on the unproved loan of Rs. 11,50,000 and proportionate interest. The appeal by the assessee was partially allowed, with penalties on Rs. 5 lakhs canceled due to prior disclosure in the return and lack of incriminating evidence, and penalties on the remaining Rs. 6,50,000 canceled due to lack of sufficient grounds for penalty under Section 271(1)(c) in the assessment under Sections 153C and 153A of the Income Tax Act. Case-Laws Income Tax Wed, 17 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263652