https://www.taxtmi.com/caselaws?id=358131 The ITAT upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2008-09. The appellant failed to provide documentary evidence supporting the genuineness of the money received, and their name appeared in the list of beneficiaries of alleged bogus entries. As the appellant did not establish the genuineness of the transaction and surrendered an amount without explanation during reassessment, the ITAT held that the appellant did not discharge the initial burden of proof. Consequently, the appeal was dismissed, affirming the penalty. en-us Tue, 30 Jan 2018 00:00:00 +0530 Fri, 06 Apr 2018 07:45:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358131 The ITAT upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for the assessment year 2008-09. The appellant failed to provide documentary evidence supporting the genuineness of the money received, and their name appeared in the list of beneficiaries of alleged bogus entries. As the appellant did not establish the genuineness of the transaction and surrendered an amount without explanation during reassessment, the ITAT held that the appellant did not discharge the initial burden of proof. Consequently, the appeal was dismissed, affirming the penalty. Case-Laws Income Tax Tue, 30 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358131