https://www.taxtmi.com/caselaws?id=401698 The Tribunal upheld the penalty imposed on the assessee for non-compliance and lack of evidence, confirming the addition of unexplained cash credit under section 68. The decision emphasized the necessity of active participation and providing evidence in tax proceedings to avoid penalties for concealment of income or inaccurate particulars. The appeal challenging the penalty imposition was dismissed, affirming the justification of the penalty under section 271(1)(c) by both the Commissioner (Appeals) and the Tribunal. en-us Fri, 27 Nov 2020 00:00:00 +0530 Tue, 15 Dec 2020 10:35:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401698 The Tribunal upheld the penalty imposed on the assessee for non-compliance and lack of evidence, confirming the addition of unexplained cash credit under section 68. The decision emphasized the necessity of active participation and providing evidence in tax proceedings to avoid penalties for concealment of income or inaccurate particulars. The appeal challenging the penalty imposition was dismissed, affirming the justification of the penalty under section 271(1)(c) by both the Commissioner (Appeals) and the Tribunal. Case-Laws Income Tax Fri, 27 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401698