https://www.taxtmi.com/caselaws?id=456317 The Patna HC upheld penalty u/s 271(1)(c) against the assessee for unsubstantiated sundry credits. The assessee failed to produce invoices or evidence supporting claimed credits, providing only creditor addresses. Despite AO issuing summons and opportunities to produce creditors, no substantiation was provided. The court found deliberate furnishing of inaccurate income particulars through doctored books without supporting documentation. Following Saheli Leasing precedent, the burden remained entirely on the assessee to substantiate credits. Mere disclosure of creditor names/addresses without transaction evidence was insufficient. The penalty was confirmed as the assessee demonstrated mens rea in claiming unsubstantiated credits. en-us Wed, 10 Jan 2024 00:00:00 +0530 Thu, 29 Aug 2024 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456317 The Patna HC upheld penalty u/s 271(1)(c) against the assessee for unsubstantiated sundry credits. The assessee failed to produce invoices or evidence supporting claimed credits, providing only creditor addresses. Despite AO issuing summons and opportunities to produce creditors, no substantiation was provided. The court found deliberate furnishing of inaccurate income particulars through doctored books without supporting documentation. Following Saheli Leasing precedent, the burden remained entirely on the assessee to substantiate credits. Mere disclosure of creditor names/addresses without transaction evidence was insufficient. The penalty was confirmed as the assessee demonstrated mens rea in claiming unsubstantiated credits. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456317