https://www.taxtmi.com/caselaws?id=279746 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the IT Act, finding that the assessee failed to substantiate explanations and prove the creditworthiness and genuineness of loan transactions and investment sources. The Tribunal noted the AO's satisfaction for penalty initiation was evident from the assessment order and that the assessee did not challenge the additions in quantum appeal. Consequently, the appeal was dismissed for lacking merit. en-us Mon, 31 Jul 2017 00:00:00 +0530 Thu, 04 Apr 2019 06:34:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279746 The Tribunal upheld the penalty imposed under Section 271(1)(c) of the IT Act, finding that the assessee failed to substantiate explanations and prove the creditworthiness and genuineness of loan transactions and investment sources. The Tribunal noted the AO's satisfaction for penalty initiation was evident from the assessment order and that the assessee did not challenge the additions in quantum appeal. Consequently, the appeal was dismissed for lacking merit. Case-Laws Income Tax Mon, 31 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279746