https://www.taxtmi.com/caselaws?id=367428 The Tribunal allowed the appeal, directing the deletion of the penalty of Rs. 5,04,900. The assessee successfully demonstrated the identity, creditworthiness, and genuineness of the transactions related to the share application money, and the evidence provided was not rebutted or found to be false. The Tribunal found that the preponderance of probability favored the assessee, as the share application money came from known sources, and the transactions were confirmed. Therefore, the penalty was not justified, and the appeal was allowed. en-us Thu, 26 Jul 2018 00:00:00 +0530 Thu, 20 Sep 2018 08:22:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367428 The Tribunal allowed the appeal, directing the deletion of the penalty of Rs. 5,04,900. The assessee successfully demonstrated the identity, creditworthiness, and genuineness of the transactions related to the share application money, and the evidence provided was not rebutted or found to be false. The Tribunal found that the preponderance of probability favored the assessee, as the share application money came from known sources, and the transactions were confirmed. Therefore, the penalty was not justified, and the appeal was allowed. Case-Laws Income Tax Thu, 26 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367428