https://www.taxtmi.com/caselaws?id=188473 The appeal against penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2005-06 was partly allowed. The penalty imposed on one creditor was upheld due to a false credit balance, while penalties on two other creditors were deleted as their balances were found to be genuine. The court found lack of substantiation for two creditors but no evidence of falsity, leading to the deletion of penalties for those cases. en-us Fri, 24 May 2013 00:00:00 +0530 Fri, 02 Dec 2016 10:55:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188473 The appeal against penalty under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2005-06 was partly allowed. The penalty imposed on one creditor was upheld due to a false credit balance, while penalties on two other creditors were deleted as their balances were found to be genuine. The court found lack of substantiation for two creditors but no evidence of falsity, leading to the deletion of penalties for those cases. Case-Laws Income Tax Fri, 24 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188473