https://www.taxtmi.com/caselaws?id=64260 The penalty of Rs. 17,200 imposed on the assessee under section 271(1)(c) for concealment of income for the assessment year 1983-84 was canceled. The Tribunal ruled in favor of the assessee, considering the fresh evidence presented during the penalty proceedings, which raised doubts regarding the genuineness of the loans and the creditor's creditworthiness. The Tribunal emphasized the distinction between assessment and penalty proceedings, allowing for the submission of new material. The cancellation of the penalty was based on the probabilities favoring the assessee and the lack of concrete evidence during the assessment stage. en-us Tue, 05 Jul 1994 00:00:00 +0530 Sat, 05 Feb 2011 16:58:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64260 The penalty of Rs. 17,200 imposed on the assessee under section 271(1)(c) for concealment of income for the assessment year 1983-84 was canceled. The Tribunal ruled in favor of the assessee, considering the fresh evidence presented during the penalty proceedings, which raised doubts regarding the genuineness of the loans and the creditor's creditworthiness. The Tribunal emphasized the distinction between assessment and penalty proceedings, allowing for the submission of new material. The cancellation of the penalty was based on the probabilities favoring the assessee and the lack of concrete evidence during the assessment stage. Case-Laws Income Tax Tue, 05 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64260