https://www.taxtmi.com/caselaws?id=63240 Penalty under section 271(1)(c) was held unsustainable where the cash credits were supported by creditors' affidavits and the assessee had discharged the burden of showing that the credits did not represent real income. The disallowance of expenditure under section 40A(3) also did not establish concealment, because the genuineness of the expenditure itself was not disputed by the Departmental authorities. On these facts, the additions were not treated as concealment of income, and the penalty was cancelled in favour of the assessee. en-us Thu, 21 Aug 1997 00:00:00 +0530 Fri, 28 Jan 2011 16:28:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63240 Penalty under section 271(1)(c) was held unsustainable where the cash credits were supported by creditors' affidavits and the assessee had discharged the burden of showing that the credits did not represent real income. The disallowance of expenditure under section 40A(3) also did not establish concealment, because the genuineness of the expenditure itself was not disputed by the Departmental authorities. On these facts, the additions were not treated as concealment of income, and the penalty was cancelled in favour of the assessee. Case-Laws Income Tax Thu, 21 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63240