https://www.taxtmi.com/caselaws?id=196794 The Tribunal upheld penalties and additions under the Income Tax Act where the appellant-assessee failed to substantiate transactions' genuineness and creditworthiness. Penalties on certain additions were canceled as evidence proved transactions' legitimacy, while penalties on others were upheld due to lack of supporting evidence. The Tribunal found explanations regarding ownership of Stridhan and chargeability of income unconvincing, upholding additions as unexplained cash credits. Assessments of cash credits were upheld or deleted based on evidence provided, leading to the dismissal of the appeals and affirmation of the Tribunal's decision. en-us Wed, 08 Feb 2017 00:00:00 +0530 Fri, 15 Dec 2017 08:35:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196794 The Tribunal upheld penalties and additions under the Income Tax Act where the appellant-assessee failed to substantiate transactions' genuineness and creditworthiness. Penalties on certain additions were canceled as evidence proved transactions' legitimacy, while penalties on others were upheld due to lack of supporting evidence. The Tribunal found explanations regarding ownership of Stridhan and chargeability of income unconvincing, upholding additions as unexplained cash credits. Assessments of cash credits were upheld or deleted based on evidence provided, leading to the dismissal of the appeals and affirmation of the Tribunal's decision. Case-Laws Income Tax Wed, 08 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196794