https://www.taxtmi.com/caselaws?id=62258 The Tribunal vacated the penalty on the unexplained investment of Rs. 1 lakh, stating it could not be considered as concealed income. The penalty on the alleged payment for property purchase was set aside for re-examination. The penalty on income from two lorries was canceled due to lack of evidence of ownership. The penalty on income and credits from Archana Jewellery was canceled for insufficient evidence of benami ownership. The quantum of penalty was restricted to the minimum leviable, with the Revenue's appeals dismissed for the relevant assessment years. en-us Tue, 09 May 1995 00:00:00 +0530 Tue, 18 Jan 2011 18:28:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62258 The Tribunal vacated the penalty on the unexplained investment of Rs. 1 lakh, stating it could not be considered as concealed income. The penalty on the alleged payment for property purchase was set aside for re-examination. The penalty on income from two lorries was canceled due to lack of evidence of ownership. The penalty on income and credits from Archana Jewellery was canceled for insufficient evidence of benami ownership. The quantum of penalty was restricted to the minimum leviable, with the Revenue's appeals dismissed for the relevant assessment years. Case-Laws Income Tax Tue, 09 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62258