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of <h1>Appeal allowed, penalty deleted for AY 1975-76. Income below Rs. 10,000, assessee explanation not accepted.</h1> The ITAT allowed the appeal, deleting the penalty imposed on the assessee for the assessment year 1975-76. The tribunal held that the penalty was not ... - The appeal was filed against the order of the AAC for the assessment year 1975-76. The deposits made by the assessee into the Bank were treated as income from undisclosed sources. Penalty proceedings were initiated under s. 271(1)(c). The ITO levied a penalty of Rs. 3000, which was confirmed by the AAC. The assessee contended that penalty should not be imposed based on Board's instructions. The ITAT held that the penalty is not leviable as the income assessed was below Rs. 10,000 and the explanation provided by the assessee was not believed. The penalty was deleted, and the appeal was allowed.
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