https://www.taxtmi.com/caselaws?id=390738 The Tribunal upheld the addition of Rs. 8,00,000 as unexplained cash credit u/s.68 of the Act in ITA No.51/CTK/2016 due to insufficient evidence of the lender's creditworthiness. The Tribunal dismissed the appeal, affirming the Assessing Officer's decision. In ITA No.320/CTK/2018, the penalty of Rs. 2,47,000 under section 271(1)(c) was set aside as the penalty notice was deemed defective for lacking clarity on the charge against the assessee. The Tribunal allowed the appeal, citing deficiencies in the penalty notice as per legal precedents. en-us Wed, 08 Jan 2020 00:00:00 +0530 Fri, 10 Jan 2020 07:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390738 The Tribunal upheld the addition of Rs. 8,00,000 as unexplained cash credit u/s.68 of the Act in ITA No.51/CTK/2016 due to insufficient evidence of the lender's creditworthiness. The Tribunal dismissed the appeal, affirming the Assessing Officer's decision. In ITA No.320/CTK/2018, the penalty of Rs. 2,47,000 under section 271(1)(c) was set aside as the penalty notice was deemed defective for lacking clarity on the charge against the assessee. The Tribunal allowed the appeal, citing deficiencies in the penalty notice as per legal precedents. Case-Laws Income Tax Wed, 08 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390738