https://www.taxtmi.com/caselaws?id=421721 The Tribunal upheld the addition of Rs. 1,88,50,000/- as unexplained unsecured loans under Section 68 of the Income Tax Act due to failure in establishing creditworthiness of lenders. However, the appeal succeeded in the exclusion of Rs. 12,16,240/- as unexplained cash credits, as the assessee adequately explained the sources. The Tribunal initiated penalty proceedings under Section 271(1)(c) for concealment of income, while not extensively addressing issues of natural justice or interest levy under Section 234A/B/C. en-us Thu, 28 Apr 2022 00:00:00 +0530 Sat, 30 Apr 2022 08:10:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421721 The Tribunal upheld the addition of Rs. 1,88,50,000/- as unexplained unsecured loans under Section 68 of the Income Tax Act due to failure in establishing creditworthiness of lenders. However, the appeal succeeded in the exclusion of Rs. 12,16,240/- as unexplained cash credits, as the assessee adequately explained the sources. The Tribunal initiated penalty proceedings under Section 271(1)(c) for concealment of income, while not extensively addressing issues of natural justice or interest levy under Section 234A/B/C. Case-Laws Income Tax Thu, 28 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421721