https://www.taxtmi.com/caselaws?id=374744 The quantum appeal was partly allowed with the deletion of the section 68 addition, as the Tribunal found the investor's creditworthiness and share premium justified. However, additions for bad debts and preliminary expenses were confirmed. The penalty under Section 271(1)(C) was removed for the unexplained cash credit addition and labor charges, as they were not deemed concealment of income. The penalty for the remaining additions lacking evidence was also deleted. The importance of evidence in tax assessments and penalty impositions was emphasized in the judgment. en-us Tue, 05 Feb 2019 00:00:00 +0530 Thu, 07 Feb 2019 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374744 The quantum appeal was partly allowed with the deletion of the section 68 addition, as the Tribunal found the investor's creditworthiness and share premium justified. However, additions for bad debts and preliminary expenses were confirmed. The penalty under Section 271(1)(C) was removed for the unexplained cash credit addition and labor charges, as they were not deemed concealment of income. The penalty for the remaining additions lacking evidence was also deleted. The importance of evidence in tax assessments and penalty impositions was emphasized in the judgment. Case-Laws Income Tax Tue, 05 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374744