https://www.taxtmi.com/caselaws?id=359162 The Tribunal overturned the penalty of Rs. 38,84,470 imposed under Section 271(1)(c) of the Income Tax Act on a private limited company. The penalty was based on unexplained cash credit derived from an excel sheet found during a survey, which the company claimed was for budgeting purposes only. The Tribunal ruled that the addition was speculative, relying on assumptions from discarded computer documents without concrete evidence of actual unaccounted cash payments. Previous court decisions cited were distinguished, leading to the deletion of the penalty and allowing the Assessee's appeal. en-us Mon, 02 Apr 2018 00:00:00 +0530 Wed, 25 Apr 2018 06:17:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359162 The Tribunal overturned the penalty of Rs. 38,84,470 imposed under Section 271(1)(c) of the Income Tax Act on a private limited company. The penalty was based on unexplained cash credit derived from an excel sheet found during a survey, which the company claimed was for budgeting purposes only. The Tribunal ruled that the addition was speculative, relying on assumptions from discarded computer documents without concrete evidence of actual unaccounted cash payments. Previous court decisions cited were distinguished, leading to the deletion of the penalty and allowing the Assessee's appeal. Case-Laws Income Tax Mon, 02 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359162