https://www.taxtmi.com/caselaws?id=388830 ITAT Ahmedabad upheld penalty under section 271(1)(c) where assessee received share application money from 272 parties but failed to provide valid explanations. Notices to alleged applicants were returned due to incorrect addresses, cash transactions bypassed banking channels, and assessee could not establish genuineness, creditworthiness, or identities of applicants. ITAT distinguished cited precedents as either pre-1976 amendments or factually different. The tribunal found the explanation offered by assessee was proved false by AO, confirming penalty imposition and dismissing the appeal. en-us Thu, 21 Nov 2019 00:00:00 +0530 Sat, 10 May 2025 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388830 ITAT Ahmedabad upheld penalty under section 271(1)(c) where assessee received share application money from 272 parties but failed to provide valid explanations. Notices to alleged applicants were returned due to incorrect addresses, cash transactions bypassed banking channels, and assessee could not establish genuineness, creditworthiness, or identities of applicants. ITAT distinguished cited precedents as either pre-1976 amendments or factually different. The tribunal found the explanation offered by assessee was proved false by AO, confirming penalty imposition and dismissing the appeal. Case-Laws Income Tax Thu, 21 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388830