https://www.taxtmi.com/caselaws?id=337810 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the appellant for concealing income related to loans obtained from various entities. Despite the appellant's arguments regarding the creditors' identities and genuineness, the Tribunal found the lack of substantiation for the loans and insufficient confirmation letters as reasons to confirm the penalty. The Tribunal emphasized the appellant's failure to prove the legitimacy of the transactions, leading to the dismissal of the appeal and the affirmation of the penalty amounting to 3,41,232. en-us Thu, 12 Jan 2017 00:00:00 +0530 Tue, 17 Jan 2017 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=337810 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the appellant for concealing income related to loans obtained from various entities. Despite the appellant's arguments regarding the creditors' identities and genuineness, the Tribunal found the lack of substantiation for the loans and insufficient confirmation letters as reasons to confirm the penalty. The Tribunal emphasized the appellant's failure to prove the legitimacy of the transactions, leading to the dismissal of the appeal and the affirmation of the penalty amounting to 3,41,232. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=337810