https://www.taxtmi.com/highlights?id=66001 Penalty u/s 271(1)(c) - denial of claim of embezzlement loss - The fact that the cheque does not figure in the bank account of other party does not by itself prove the explanation of the assessee as wrong, as long as cheque stands reflected as issued in the bank statement of the assessee, which was not proved to be false by the Revenue. - No penalty - AT en-us Tue, 11 Oct 2022 10:19:58 +0530 Tue, 11 Oct 2022 10:19:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=66001 Penalty u/s 271(1)(c) - denial of claim of embezzlement loss - The fact that the cheque does not figure in the bank account of other party does not by itself prove the explanation of the assessee as wrong, as long as cheque stands reflected as issued in the bank statement of the assessee, which was not proved to be false by the Revenue. - No penalty - AT Highlights Income Tax Tue, 11 Oct 2022 10:19:58 +0530 https://www.taxtmi.com/highlights?id=66001