https://www.taxtmi.com/caselaws?id=64412 The Tribunal upheld the penalty imposed under section 271(1)(c) for income concealment, as the assessee failed to prove the legitimacy of cash credits. Despite a clerical error in citing Explanation 1(A), the penalty was deemed legally justified based on evidence showing the loans were fictitious. The Tribunal affirmed the decision, dismissing the appeal and confirming the penalty assessment. en-us Thu, 07 Jun 1984 00:00:00 +0530 Mon, 07 Feb 2011 17:28:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64412 The Tribunal upheld the penalty imposed under section 271(1)(c) for income concealment, as the assessee failed to prove the legitimacy of cash credits. Despite a clerical error in citing Explanation 1(A), the penalty was deemed legally justified based on evidence showing the loans were fictitious. The Tribunal affirmed the decision, dismissing the appeal and confirming the penalty assessment. Case-Laws Income Tax Thu, 07 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64412