https://www.taxtmi.com/caselaws?id=64124 Penalty under section 271(1)(c) was held not leviable where the assessee sought an to examine the creditor in penalty proceedings but no such opportunity was granted. The assessment finding, as affirmed in quantum proceedings, was only that the cash credit was not proved genuine. On that basis, the explanation could at most be treated as unsatisfactory and the evidence as insufficient; that alone did not establish concealment of income or justify penalty. The penalty was therefore cancelled. en-us Fri, 03 Mar 1978 00:00:00 +0530 Thu, 03 Feb 2011 18:56:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64124 Penalty under section 271(1)(c) was held not leviable where the assessee sought an to examine the creditor in penalty proceedings but no such opportunity was granted. The assessment finding, as affirmed in quantum proceedings, was only that the cash credit was not proved genuine. On that basis, the explanation could at most be treated as unsatisfactory and the evidence as insufficient; that alone did not establish concealment of income or justify penalty. The penalty was therefore cancelled. Case-Laws Income Tax Fri, 03 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64124