https://www.taxtmi.com/caselaws?id=182479 The Tribunal confirmed the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04, on the interest amount disallowed during assessment due to lack of substantiation by the appellant. The penalty was upheld at 100% of the tax sought to be evaded, excluding interest from the cash credit account. The decision emphasized the importance of providing accurate evidence to support claims and complying with tax laws to avoid penalties, highlighting the consequences of inadequate documentation in tax matters. en-us Wed, 25 Mar 2015 00:00:00 +0530 Wed, 11 May 2016 23:00:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182479 The Tribunal confirmed the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 2003-04, on the interest amount disallowed during assessment due to lack of substantiation by the appellant. The penalty was upheld at 100% of the tax sought to be evaded, excluding interest from the cash credit account. The decision emphasized the importance of providing accurate evidence to support claims and complying with tax laws to avoid penalties, highlighting the consequences of inadequate documentation in tax matters. Case-Laws Income Tax Wed, 25 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182479