https://www.taxtmi.com/caselaws?id=66306 The Appellate Tribunal ruled in favor of the assessee, canceling the penalties imposed by the Income Tax Officer. The Tribunal found the explanations provided regarding the source of funds for the land purchase and unaccounted marriage and domestic expenses to be plausible, lacking evidence of income concealment. Therefore, the penalties under section 271(1)(c) were deemed unjustified and were consequently canceled. en-us Thu, 24 Dec 1981 00:00:00 +0530 Wed, 23 Feb 2011 15:09:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66306 The Appellate Tribunal ruled in favor of the assessee, canceling the penalties imposed by the Income Tax Officer. The Tribunal found the explanations provided regarding the source of funds for the land purchase and unaccounted marriage and domestic expenses to be plausible, lacking evidence of income concealment. Therefore, the penalties under section 271(1)(c) were deemed unjustified and were consequently canceled. Case-Laws Income Tax Thu, 24 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66306