https://www.taxtmi.com/caselaws?id=65722 The Tribunal canceled the penalty imposed on the assessee under section 271(1)(c) of the IT Act, 1961, for the assessment year 1961-62. Despite upholding the initiation of proceedings under the 1961 Act for assessments concluded under the 1922 Act, the Tribunal ruled that the penalty imposition was unwarranted. It emphasized that a penalty cannot be solely based on disbelieving the assessee's explanation without concrete evidence of concealed income, following the Supreme Court precedent in the case of Anwar Ali. As there was a lack of such evidence in this case, the penalty was canceled. en-us Tue, 05 Jun 1979 00:00:00 +0530 Fri, 18 Feb 2011 14:48:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65722 The Tribunal canceled the penalty imposed on the assessee under section 271(1)(c) of the IT Act, 1961, for the assessment year 1961-62. Despite upholding the initiation of proceedings under the 1961 Act for assessments concluded under the 1922 Act, the Tribunal ruled that the penalty imposition was unwarranted. It emphasized that a penalty cannot be solely based on disbelieving the assessee's explanation without concrete evidence of concealed income, following the Supreme Court precedent in the case of Anwar Ali. As there was a lack of such evidence in this case, the penalty was canceled. Case-Laws Income Tax Tue, 05 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65722