https://www.taxtmi.com/caselaws?id=393738 The Tax Appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961 were dismissed by the Tribunal. The case involved disputes over penalty under Section 271E of the IT Act, focusing on cash loan transactions. The Tribunal found inconsistencies in statements and lack of credible evidence, leading to the deletion of the penalty. Emphasizing the importance of concrete evidence, the Tribunal upheld the decisions of the lower authorities, highlighting the necessity for substantiation in tax proceedings. en-us Tue, 25 Feb 2020 00:00:00 +0530 Sat, 21 Mar 2020 13:27:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393738 The Tax Appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961 were dismissed by the Tribunal. The case involved disputes over penalty under Section 271E of the IT Act, focusing on cash loan transactions. The Tribunal found inconsistencies in statements and lack of credible evidence, leading to the deletion of the penalty. Emphasizing the importance of concrete evidence, the Tribunal upheld the decisions of the lower authorities, highlighting the necessity for substantiation in tax proceedings. Case-Laws Income Tax Tue, 25 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393738