https://www.taxtmi.com/caselaws?id=389881 The Tribunal partly allowed both appeals, sustaining the addition of Rs. 34,98,000 as unexplained cash credit under section 68 of the Income Tax Act. Confirmations for loans totaling Rs. 39,38,000 were accepted, but the remaining Rs. 27,83,000 was deemed non-genuine due to creditor non-response. The Tribunal upheld penalties based on the sustained addition, deleting penalties for confirmed loans but maintaining penalties for unproven amounts. The decision emphasized verifying loan genuineness, creditor creditworthiness, and compliance with procedural rules. en-us Fri, 06 Dec 2019 00:00:00 +0530 Tue, 17 Dec 2019 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389881 The Tribunal partly allowed both appeals, sustaining the addition of Rs. 34,98,000 as unexplained cash credit under section 68 of the Income Tax Act. Confirmations for loans totaling Rs. 39,38,000 were accepted, but the remaining Rs. 27,83,000 was deemed non-genuine due to creditor non-response. The Tribunal upheld penalties based on the sustained addition, deleting penalties for confirmed loans but maintaining penalties for unproven amounts. The decision emphasized verifying loan genuineness, creditor creditworthiness, and compliance with procedural rules. Case-Laws Income Tax Fri, 06 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389881