https://www.taxtmi.com/caselaws?id=325066 The Appellate Tribunal ITAT Jaipur confirmed a penalty of Rs. 1,23,600 under Section 271(1)(c) of the Income Tax Act for A.Y. 2004-05 due to alleged concealment of income by the assessee related to a transaction with a cash creditor. Despite providing loan details, the assessee failed to produce confirmation from the creditor, leading to penalty imposition upheld by the tribunal for lack of concrete evidence supporting the legitimacy of the transaction. en-us Fri, 12 Feb 2016 00:00:00 +0530 Wed, 09 Mar 2016 11:27:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325066 The Appellate Tribunal ITAT Jaipur confirmed a penalty of Rs. 1,23,600 under Section 271(1)(c) of the Income Tax Act for A.Y. 2004-05 due to alleged concealment of income by the assessee related to a transaction with a cash creditor. Despite providing loan details, the assessee failed to produce confirmation from the creditor, leading to penalty imposition upheld by the tribunal for lack of concrete evidence supporting the legitimacy of the transaction. Case-Laws Income Tax Fri, 12 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325066