https://www.taxtmi.com/caselaws?id=364005 The Tribunal ruled in favor of the appellant, setting aside the penalty imposed under section 271(1)(c) for the unexplained credit claimed as a loan from Sh. Barinder Pal Singh. The decision emphasized the necessity of genuine sources of funds and the need for substantial evidence to substantiate such claims to prevent penalties based on probabilities. en-us Tue, 29 May 2018 00:00:00 +0530 Fri, 20 Jul 2018 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364005 The Tribunal ruled in favor of the appellant, setting aside the penalty imposed under section 271(1)(c) for the unexplained credit claimed as a loan from Sh. Barinder Pal Singh. The decision emphasized the necessity of genuine sources of funds and the need for substantial evidence to substantiate such claims to prevent penalties based on probabilities. Case-Laws Income Tax Tue, 29 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364005