https://www.taxtmi.com/caselaws?id=282952 The Tribunal upheld the penalty under Section 271(1)(c) for the assessment year 2002-03, finding that the assessee failed to prove when funds were deposited in a foreign account. Despite the assessee's denial of involvement, the Tribunal determined the deposit occurred during the relevant year due to lack of evidence. The Tribunal emphasized the burden of proof on the assessee and affirmed the penalty, reducing it from 300% to 100% as decided by the CIT(Appeals). Both the Revenue and assessee appeals were dismissed, confirming the penalty. en-us Wed, 27 Sep 2017 00:00:00 +0530 Sat, 31 Aug 2019 16:49:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282952 The Tribunal upheld the penalty under Section 271(1)(c) for the assessment year 2002-03, finding that the assessee failed to prove when funds were deposited in a foreign account. Despite the assessee's denial of involvement, the Tribunal determined the deposit occurred during the relevant year due to lack of evidence. The Tribunal emphasized the burden of proof on the assessee and affirmed the penalty, reducing it from 300% to 100% as decided by the CIT(Appeals). Both the Revenue and assessee appeals were dismissed, confirming the penalty. Case-Laws Income Tax Wed, 27 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282952