https://www.taxtmi.com/caselaws?id=279066 The case involved the reopening of assessment under section 148, treatment of unexplained cash credit, appeal before CIT (A), appeal before ITAT, and challenge to penalty under section 271(1)(c). The appellant's income was reassessed due to cash deposits and loans, treated as unexplained cash credit. The CIT (A) upheld the addition to income, citing lack of proof. However, the ITAT accepted the appellant's evidence, emphasizing the genuineness of transactions. As the addition under section 68 was deleted, the penalty under section 271(1)(c) was also removed in line with the main appeal decision. en-us Fri, 31 Aug 2012 00:00:00 +0530 Sat, 02 Mar 2019 12:14:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279066 The case involved the reopening of assessment under section 148, treatment of unexplained cash credit, appeal before CIT (A), appeal before ITAT, and challenge to penalty under section 271(1)(c). The appellant's income was reassessed due to cash deposits and loans, treated as unexplained cash credit. The CIT (A) upheld the addition to income, citing lack of proof. However, the ITAT accepted the appellant's evidence, emphasizing the genuineness of transactions. As the addition under section 68 was deleted, the penalty under section 271(1)(c) was also removed in line with the main appeal decision. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279066