https://www.taxtmi.com/caselaws?id=63616 The Appellate Tribunal upheld the penalty imposed under section 271(1)(c) on a registered firm for understating income and unexplained cash credits. The Tribunal determined that the failure to explain the cash credits indicated an understatement of income, justifying the penalty. Emphasizing the burden on the assessee to prove lack of fraudulent intent, the Tribunal recalculated the penalty based on the cash credits, reducing it to Rs. 25,000. The penalty was correctly imposed on the firm, not an individual, as argued by the assessee. The appeal was partly allowed, confirming the penalty but adjusting the amount based on the cash credits. en-us Tue, 20 Sep 1977 00:00:00 +0530 Tue, 01 Feb 2011 11:08:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63616 The Appellate Tribunal upheld the penalty imposed under section 271(1)(c) on a registered firm for understating income and unexplained cash credits. The Tribunal determined that the failure to explain the cash credits indicated an understatement of income, justifying the penalty. Emphasizing the burden on the assessee to prove lack of fraudulent intent, the Tribunal recalculated the penalty based on the cash credits, reducing it to Rs. 25,000. The penalty was correctly imposed on the firm, not an individual, as argued by the assessee. The appeal was partly allowed, confirming the penalty but adjusting the amount based on the cash credits. Case-Laws Income Tax Tue, 20 Sep 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63616