https://www.taxtmi.com/caselaws?id=367224 The appeal challenging the addition under Section 68 of the IT Act was dismissed as the assessee failed to provide sufficient evidence to explain the nature and source of the credits. The Tribunal upheld the addition of Rs. 13,00,000 as unexplained credit. However, the appeal against the penalty imposed under Section 271(1)(c) was allowed as the penalty notice was found to be invalid due to lack of specificity, following a precedent. The penalty was canceled, and the order was pronounced on 11th September 2018. en-us Tue, 11 Sep 2018 00:00:00 +0530 Mon, 17 Sep 2018 07:41:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367224 The appeal challenging the addition under Section 68 of the IT Act was dismissed as the assessee failed to provide sufficient evidence to explain the nature and source of the credits. The Tribunal upheld the addition of Rs. 13,00,000 as unexplained credit. However, the appeal against the penalty imposed under Section 271(1)(c) was allowed as the penalty notice was found to be invalid due to lack of specificity, following a precedent. The penalty was canceled, and the order was pronounced on 11th September 2018. Case-Laws Income Tax Tue, 11 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367224