https://www.taxtmi.com/caselaws?id=66072 The Tribunal upheld the levy of a penalty under section 271(1)(c) of the Income-tax Act on the assessee for introducing its own money as bogus cash credits. The Tribunal found the admissions by the assessee and creditors to be voluntary, confirmed the concealment of income, and determined that the right to cross-examine was not violated. The Tribunal distinguished criminal proceedings from penalty proceedings, stating that the acquittal in the criminal case did not preclude the imposition of a penalty. Consequently, the Tribunal dismissed the assessee's appeal, affirming the penalty imposition. en-us Fri, 18 Dec 1992 00:00:00 +0530 Mon, 21 Feb 2011 12:45:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66072 The Tribunal upheld the levy of a penalty under section 271(1)(c) of the Income-tax Act on the assessee for introducing its own money as bogus cash credits. The Tribunal found the admissions by the assessee and creditors to be voluntary, confirmed the concealment of income, and determined that the right to cross-examine was not violated. The Tribunal distinguished criminal proceedings from penalty proceedings, stating that the acquittal in the criminal case did not preclude the imposition of a penalty. Consequently, the Tribunal dismissed the assessee's appeal, affirming the penalty imposition. Case-Laws Income Tax Fri, 18 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66072