https://www.taxtmi.com/caselaws?id=352546 The High Court upheld the decision of the ITAT and the Appellate Commissioner, affirming the addition of &8377;1,34,584 under Section 68 of the Income Tax Act based on cash credits for the assessment year 2007-08. The court found that the lack of cross-examination of the creditor and past instances of larger advances did not invalidate the penalty proceedings, as the liability had been established during the quantum proceedings. The court dismissed the appeal, stating that no substantial question of law arose from the case, and supported the imposition of the penalty under Section 271 of the Act. en-us Thu, 07 Dec 2017 00:00:00 +0530 Sat, 16 Dec 2017 10:34:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352546 The High Court upheld the decision of the ITAT and the Appellate Commissioner, affirming the addition of &8377;1,34,584 under Section 68 of the Income Tax Act based on cash credits for the assessment year 2007-08. The court found that the lack of cross-examination of the creditor and past instances of larger advances did not invalidate the penalty proceedings, as the liability had been established during the quantum proceedings. The court dismissed the appeal, stating that no substantial question of law arose from the case, and supported the imposition of the penalty under Section 271 of the Act. Case-Laws Income Tax Thu, 07 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352546