https://www.taxtmi.com/caselaws?id=340762 The High Court upheld the penalty imposition under Section 271(1)(c) of the Income Tax Act for the Assessment Year 1990-91. The court found the assessee's explanations regarding unexplained cash credits and loans to be false and lacking in evidence. Despite attempts to shift the burden of proof, the court ruled in favor of the revenue, emphasizing the assessee's failure to provide a satisfactory explanation for the transactions. The penalty was sustained due to the lack of genuine substantiation, leading to the dismissal of the appeal. en-us Thu, 23 Mar 2017 00:00:00 +0530 Mon, 27 Mar 2017 07:44:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340762 The High Court upheld the penalty imposition under Section 271(1)(c) of the Income Tax Act for the Assessment Year 1990-91. The court found the assessee's explanations regarding unexplained cash credits and loans to be false and lacking in evidence. Despite attempts to shift the burden of proof, the court ruled in favor of the revenue, emphasizing the assessee's failure to provide a satisfactory explanation for the transactions. The penalty was sustained due to the lack of genuine substantiation, leading to the dismissal of the appeal. Case-Laws Income Tax Thu, 23 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340762