https://www.taxtmi.com/caselaws?id=763809 ITAT Nagpur deleted penalty under section 271(1)(c) imposed on assessee for unexplained cash credit addition under section 68. The tribunal found that assessee provided bona fide explanation, though addition was made due to lack of supporting documents. The explanation was not false or bogus. Penalty order failed to record satisfaction regarding specific limb of section 271(1)(c) and lacked clear charge specification. The order improperly introduced concealed income concept during penalty calculation without proper satisfaction being recorded, making penalty provisions inapplicable. en-us Thu, 26 Dec 2024 00:00:00 +0530 Mon, 23 Feb 2026 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763809 ITAT Nagpur deleted penalty under section 271(1)(c) imposed on assessee for unexplained cash credit addition under section 68. The tribunal found that assessee provided bona fide explanation, though addition was made due to lack of supporting documents. The explanation was not false or bogus. Penalty order failed to record satisfaction regarding specific limb of section 271(1)(c) and lacked clear charge specification. The order improperly introduced concealed income concept during penalty calculation without proper satisfaction being recorded, making penalty provisions inapplicable. Case-Laws Income Tax Thu, 26 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763809