https://www.taxtmi.com/caselaws?id=63612 The ITAT Delhi-B deleted the penalty imposed on the assessee under section 271(1)(c) for alleged income concealment related to a cash payment to the State Bank of India. The Tribunal found the assessing officer's rejection of the assessee's explanation insufficient to justify the penalty, emphasizing the lack of concrete evidence supporting the charge of concealment. The Tribunal noted the adequacy of the cash balances presented by the assessee and concluded that while the explanation could be rejected for assessment, it did not warrant a penalty, ultimately ruling in favor of the assessee and deleting the penalty. en-us Thu, 14 Apr 1977 00:00:00 +0530 Tue, 01 Feb 2011 10:56:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63612 The ITAT Delhi-B deleted the penalty imposed on the assessee under section 271(1)(c) for alleged income concealment related to a cash payment to the State Bank of India. The Tribunal found the assessing officer's rejection of the assessee's explanation insufficient to justify the penalty, emphasizing the lack of concrete evidence supporting the charge of concealment. The Tribunal noted the adequacy of the cash balances presented by the assessee and concluded that while the explanation could be rejected for assessment, it did not warrant a penalty, ultimately ruling in favor of the assessee and deleting the penalty. Case-Laws Income Tax Thu, 14 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63612