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of <h1>Successful appeal cancels penalty under s. 271(1)(c) for foodgrains business firm</h1> The appeal was successful as the ITAT Bangalore ruled in favor of the assessee, canceling the penalty imposed under s. 271(1)(c) of the IT Act, 1961 on a ... - The appeal was against the penalty under s. 271(1)(c) of the IT Act, 1961 imposed on a foodgrains business firm for cash credits. The firm surrendered an amount under Part III with an assurance of no penalty, but penalty was imposed and confirmed by the AAC. The ITAT Bangalore held in favor of the assessee, stating that no concealment was found as the explanation was not false and no further evidence was required. The penalty was cancelled, and the appeal was allowed. (Case citation: 1987 (1) TMI 119 - ITAT BANGALORE)
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