https://www.taxtmi.com/caselaws?id=761376 The Tribunal partially allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) of the Income-Tax Act for additions made under section 50C, as there was no evidence of the assessee receiving additional money. However, it upheld the penalty related to the negative cash balance due to the lack of a satisfactory explanation from the assessee. The Tribunal's decision was pronounced on 06.11.2024. en-us Wed, 06 Nov 2024 00:00:00 +0530 Fri, 08 Nov 2024 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761376 The Tribunal partially allowed the appeal, directing the deletion of the penalty imposed under section 271(1)(c) of the Income-Tax Act for additions made under section 50C, as there was no evidence of the assessee receiving additional money. However, it upheld the penalty related to the negative cash balance due to the lack of a satisfactory explanation from the assessee. The Tribunal's decision was pronounced on 06.11.2024. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761376