https://www.taxtmi.com/caselaws?id=330209 The appeal was dismissed, and the penalty of Rs. 41,71,188 under section 271(1)(c) for cash payments made for acquiring shops out of undisclosed sources was upheld. The appellant's explanations were found inadequate, and the authorities determined that the cash payments for shop acquisition were not properly accounted for in the books of account, leading to the imposition of the penalty. The appellate tribunal affirmed the lower authorities' findings and upheld the penalty based on the factual confirmation of the cash component in the transactions. en-us Fri, 10 Jun 2016 00:00:00 +0530 Wed, 20 Jul 2016 13:28:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330209 The appeal was dismissed, and the penalty of Rs. 41,71,188 under section 271(1)(c) for cash payments made for acquiring shops out of undisclosed sources was upheld. The appellant's explanations were found inadequate, and the authorities determined that the cash payments for shop acquisition were not properly accounted for in the books of account, leading to the imposition of the penalty. The appellate tribunal affirmed the lower authorities' findings and upheld the penalty based on the factual confirmation of the cash component in the transactions. Case-Laws Income Tax Fri, 10 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330209