https://www.taxtmi.com/caselaws?id=62715 The Revenue's appeals were dismissed in a case involving a quantum appeal on non-genuine cash credits and penalties under the IT Act for the assessment year 1981-82. The addition of Rs. 46,000 for non-genuine cash credits was deleted as it was not part of the original assessment or appeal, lacking evidence. Penalties under various provisions of the IT Act were canceled due to the quantum appeal decision in favor of the assessee, resulting in no tax liability considering carried forward losses. The decisions to delete the addition and cancel penalties were upheld, leading to the dismissal of all Revenue's appeals. en-us Wed, 23 Oct 1996 00:00:00 +0530 Fri, 21 Jan 2011 12:51:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62715 The Revenue's appeals were dismissed in a case involving a quantum appeal on non-genuine cash credits and penalties under the IT Act for the assessment year 1981-82. The addition of Rs. 46,000 for non-genuine cash credits was deleted as it was not part of the original assessment or appeal, lacking evidence. Penalties under various provisions of the IT Act were canceled due to the quantum appeal decision in favor of the assessee, resulting in no tax liability considering carried forward losses. The decisions to delete the addition and cancel penalties were upheld, leading to the dismissal of all Revenue's appeals. Case-Laws Income Tax Wed, 23 Oct 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62715