https://www.taxtmi.com/caselaws?id=380011 The Tribunal allowed the appeal, deleting the penalty of Rs. 2,04,905 imposed under section 271(1)(c) of the Income Tax Act on a salaried individual for unexplained cash credits. Despite the rejection of the assessee's explanation in quantum proceedings, the Tribunal found the explanation not false and lacking solid evidence but not warranting penalty imposition. Emphasizing the need for substantiated explanations to avoid penalties, the Tribunal clarified that unexplained additions do not automatically lead to penalties without establishing deliberate concealment or furnishing inaccurate particulars. en-us Tue, 07 May 2019 00:00:00 +0530 Fri, 10 May 2019 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380011 The Tribunal allowed the appeal, deleting the penalty of Rs. 2,04,905 imposed under section 271(1)(c) of the Income Tax Act on a salaried individual for unexplained cash credits. Despite the rejection of the assessee's explanation in quantum proceedings, the Tribunal found the explanation not false and lacking solid evidence but not warranting penalty imposition. Emphasizing the need for substantiated explanations to avoid penalties, the Tribunal clarified that unexplained additions do not automatically lead to penalties without establishing deliberate concealment or furnishing inaccurate particulars. Case-Laws Income Tax Tue, 07 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380011