https://www.taxtmi.com/caselaws?id=410876 The penalty under section 271(1)(c) of the Income Tax Act imposed on unexplained cash credit additions was set aside as premature by the Tribunal. The Tribunal remanded the matter back to the Assessing Officer for reconsideration, indicating the addition was yet to be finalized. Since the income determination was pending, the penalty imposition was deemed premature. Consequently, the penalty was not upheld, and the assessee's appeal was allowed. en-us Mon, 02 Aug 2021 00:00:00 +0530 Wed, 11 Aug 2021 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410876 The penalty under section 271(1)(c) of the Income Tax Act imposed on unexplained cash credit additions was set aside as premature by the Tribunal. The Tribunal remanded the matter back to the Assessing Officer for reconsideration, indicating the addition was yet to be finalized. Since the income determination was pending, the penalty imposition was deemed premature. Consequently, the penalty was not upheld, and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 02 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410876