https://www.taxtmi.com/caselaws?id=278683 The Tribunal set aside the penalty imposed under section 271(1)(c) for a cash credit addition under section 68 of the Income Tax Act, 1961. Despite insufficient evidence to prove the NRI creditor's creditworthiness, the Tribunal found the cash credit addition did not amount to concealment of income, leading to the cancellation of the penalty. The appeal was allowed, and the penalty on the cash credit addition was revoked. en-us Wed, 14 Oct 2015 00:00:00 +0530 Mon, 18 Feb 2019 06:31:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278683 The Tribunal set aside the penalty imposed under section 271(1)(c) for a cash credit addition under section 68 of the Income Tax Act, 1961. Despite insufficient evidence to prove the NRI creditor's creditworthiness, the Tribunal found the cash credit addition did not amount to concealment of income, leading to the cancellation of the penalty. The appeal was allowed, and the penalty on the cash credit addition was revoked. Case-Laws Income Tax Wed, 14 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278683