https://www.taxtmi.com/caselaws?id=386759 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act on unexplained cash credit of Rs. 1,90,000 for Assessment Year 1994-95. Despite the assessee's claims that the cash deposit was share application money, the Tribunal found no substantial evidence to support this assertion. The Tribunal emphasized the lack of evidence provided by the assessee to explain the source of the cash deposit, leading to the dismissal of the appeal. en-us Wed, 11 Sep 2019 00:00:00 +0530 Mon, 07 Oct 2019 22:02:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386759 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act on unexplained cash credit of Rs. 1,90,000 for Assessment Year 1994-95. Despite the assessee's claims that the cash deposit was share application money, the Tribunal found no substantial evidence to support this assertion. The Tribunal emphasized the lack of evidence provided by the assessee to explain the source of the cash deposit, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 11 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386759