https://www.taxtmi.com/caselaws?id=335394 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961, due to insufficient evidence and credibility issues with the documents presented by the Hindu Undivided Family (HUF) assessee. The penalty was confirmed based on the findings that the cash credits were not genuine, as the affidavits lacked essential information and proper execution, with no witnesses or creditor identification provided. The Tribunal dismissed the appeal, emphasizing the inadequacy of evidence and the unreliable nature of the presented documents. en-us Fri, 09 Sep 2016 00:00:00 +0530 Thu, 01 Dec 2016 13:31:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335394 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act, 1961, due to insufficient evidence and credibility issues with the documents presented by the Hindu Undivided Family (HUF) assessee. The penalty was confirmed based on the findings that the cash credits were not genuine, as the affidavits lacked essential information and proper execution, with no witnesses or creditor identification provided. The Tribunal dismissed the appeal, emphasizing the inadequacy of evidence and the unreliable nature of the presented documents. Case-Laws Income Tax Fri, 09 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335394