https://www.taxtmi.com/caselaws?id=384418 The ITAT remanded the case to the AO for re-adjudication of the penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961, for the assessment year 2008-09. The assessee's appeal was partly allowed for statistical purposes, granting another opportunity to provide necessary details to substantiate claims and potentially avoid penalties. The Tribunal emphasized the assessee's burden to prove the source of unexplained additional capital and consultancy charges. The decision allows the assessee to present further evidence to support their case and address the AO's concerns about inadequate explanations during initial proceedings. en-us Tue, 06 Aug 2019 00:00:00 +0530 Tue, 12 Nov 2024 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384418 The ITAT remanded the case to the AO for re-adjudication of the penalty proceedings under Section 271(1)(c) of the Income Tax Act, 1961, for the assessment year 2008-09. The assessee's appeal was partly allowed for statistical purposes, granting another opportunity to provide necessary details to substantiate claims and potentially avoid penalties. The Tribunal emphasized the assessee's burden to prove the source of unexplained additional capital and consultancy charges. The decision allows the assessee to present further evidence to support their case and address the AO's concerns about inadequate explanations during initial proceedings. Case-Laws Income Tax Tue, 06 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384418