https://www.taxtmi.com/caselaws?id=755687 Penalty under section 271(1)(c) remained justified where the assessee failed to substantiate sundry credits before the AO. Mere disclosure of the creditors' names and addresses was held insufficient, because no evidence was produced of the underlying transactions giving rise to the credits. The SC found no error in the HC's view and dismissed the Special Leave Petition, leaving the penalty ruling undisturbed. en-us Wed, 10 Jul 2024 00:00:00 +0530 Tue, 16 Jul 2024 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755687 Penalty under section 271(1)(c) remained justified where the assessee failed to substantiate sundry credits before the AO. Mere disclosure of the creditors' names and addresses was held insufficient, because no evidence was produced of the underlying transactions giving rise to the credits. The SC found no error in the HC's view and dismissed the Special Leave Petition, leaving the penalty ruling undisturbed. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755687