https://www.taxtmi.com/highlights?id=46429 Penalty u/s 271(1)(c) - loan from friends and relatives for financing his son’s USA visa - when the evidences and explanation furnished in support of cash credits are not acceptable by the department, then addition u/s 68 can be made, but penalty u/s 271(1)(c) is not automatic - explanation of the assessee was not found to be false but it could not be accepted in absence of solid evidences - not a fit case for penalty en-us Sat, 11 May 2019 07:27:48 +0530 Sat, 11 May 2019 07:27:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=46429 Penalty u/s 271(1)(c) - loan from friends and relatives for financing his son’s USA visa - when the evidences and explanation furnished in support of cash credits are not acceptable by the department, then addition u/s 68 can be made, but penalty u/s 271(1)(c) is not automatic - explanation of the assessee was not found to be false but it could not be accepted in absence of solid evidences - not a fit case for penalty Highlights Income Tax Sat, 11 May 2019 07:27:48 +0530 https://www.taxtmi.com/highlights?id=46429