https://www.taxtmi.com/caselaws?id=61516 The appeal was dismissed, and the penalty of Rs.2,59,653 under section 271(1)(c) of the Income-tax Act was upheld by the ITAT. The Assessing Officer found the assessee's explanations regarding cash credits to be false and indicative of concealment of income. The Tribunal determined that the penalty was justified based on the lack of genuine evidence supporting the credits and the contumacious conduct of the assessee. The CIT (A) and ITAT upheld the addition of Rs.4,08,300 as undisclosed income, leading to the confirmation of the penalty. en-us Fri, 10 Aug 2001 00:00:00 +0530 Thu, 13 Jan 2011 10:51:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61516 The appeal was dismissed, and the penalty of Rs.2,59,653 under section 271(1)(c) of the Income-tax Act was upheld by the ITAT. The Assessing Officer found the assessee's explanations regarding cash credits to be false and indicative of concealment of income. The Tribunal determined that the penalty was justified based on the lack of genuine evidence supporting the credits and the contumacious conduct of the assessee. The CIT (A) and ITAT upheld the addition of Rs.4,08,300 as undisclosed income, leading to the confirmation of the penalty. Case-Laws Income Tax Fri, 10 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61516