https://www.taxtmi.com/caselaws?id=339318 The Tribunal partially allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty for unexplained sundry credits under Section 68 was upheld due to the lack of evidence provided by the appellant. However, the penalty related to the cessation of liabilities under Section 41(1) was successfully challenged as the liability had been previously accepted. The decision was rendered on February 17, 2017. en-us Fri, 17 Feb 2017 00:00:00 +0530 Fri, 24 Feb 2017 12:36:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339318 The Tribunal partially allowed the appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty for unexplained sundry credits under Section 68 was upheld due to the lack of evidence provided by the appellant. However, the penalty related to the cessation of liabilities under Section 41(1) was successfully challenged as the liability had been previously accepted. The decision was rendered on February 17, 2017. Case-Laws Income Tax Fri, 17 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339318