https://www.taxtmi.com/caselaws?id=63916 The Appellate Tribunal dismissed the appeals, affirming the deletion of penalties imposed under section 271(1)(c) on two firms for unexplained stock and cash, as well as unexplained cash credits. The Tribunal found that the firms had disclosed the unexplained amounts in their returns as per settlement terms, acting in good faith without revising their returns post-detection. It concluded that penalties were not justified under Explanation 1(B) to section 271(1)(c) and that the burden of proof was not on the department to demonstrate concealment. Despite some erroneous observations, the penalties were deleted by the CIT(A) and upheld by the Tribunal. en-us Wed, 09 Mar 1988 00:00:00 +0530 Wed, 02 Feb 2011 16:48:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63916 The Appellate Tribunal dismissed the appeals, affirming the deletion of penalties imposed under section 271(1)(c) on two firms for unexplained stock and cash, as well as unexplained cash credits. The Tribunal found that the firms had disclosed the unexplained amounts in their returns as per settlement terms, acting in good faith without revising their returns post-detection. It concluded that penalties were not justified under Explanation 1(B) to section 271(1)(c) and that the burden of proof was not on the department to demonstrate concealment. Despite some erroneous observations, the penalties were deleted by the CIT(A) and upheld by the Tribunal. Case-Laws Income Tax Wed, 09 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63916