https://www.taxtmi.com/caselaws?id=421292 The Tribunal upheld the assessment order under Section 144 due to the assessee's non-compliance. Interest income was treated as 'income from other sources' rather than 'business income' due to lack of evidence of business activities. Business expenditure disallowance was upheld as no business was established. Addition under Section 68 for unexplained cash credits was sustained. Notional rental income addition was upheld. Penalties under Sections 271D and 271E imposed by CIT(A) were invalidated for lack of jurisdiction. Penalty under Section 271(1)(c) for concealment of income was upheld. Penalties under Sections 271D and 271E were overturned due to jurisdictional issues. en-us Wed, 30 Mar 2022 00:00:00 +0530 Thu, 21 Apr 2022 08:33:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421292 The Tribunal upheld the assessment order under Section 144 due to the assessee's non-compliance. Interest income was treated as 'income from other sources' rather than 'business income' due to lack of evidence of business activities. Business expenditure disallowance was upheld as no business was established. Addition under Section 68 for unexplained cash credits was sustained. Notional rental income addition was upheld. Penalties under Sections 271D and 271E imposed by CIT(A) were invalidated for lack of jurisdiction. Penalty under Section 271(1)(c) for concealment of income was upheld. Penalties under Sections 271D and 271E were overturned due to jurisdictional issues. Case-Laws Income Tax Wed, 30 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421292