https://www.taxtmi.com/caselaws?id=186474 The Tribunal confirmed the addition of income from undisclosed sources for the assessment year 2007-08 due to lack of concrete evidence supporting cash receipts, dismissing the appeal. However, the penalty imposed under section 271(1)(c) for the assessment year 2006-07 was deleted as the explanation provided by the assessee regarding cash receipts from old debtors was not disproved, leading to allowance of the appeal against the penalty imposition. The Tribunal differentiated between confirming an addition and imposing a penalty, emphasizing the need for disproving explanations for penalty imposition. en-us Fri, 18 Sep 2015 00:00:00 +0530 Tue, 20 Sep 2016 10:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186474 The Tribunal confirmed the addition of income from undisclosed sources for the assessment year 2007-08 due to lack of concrete evidence supporting cash receipts, dismissing the appeal. However, the penalty imposed under section 271(1)(c) for the assessment year 2006-07 was deleted as the explanation provided by the assessee regarding cash receipts from old debtors was not disproved, leading to allowance of the appeal against the penalty imposition. The Tribunal differentiated between confirming an addition and imposing a penalty, emphasizing the need for disproving explanations for penalty imposition. Case-Laws Income Tax Fri, 18 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186474