https://www.taxtmi.com/caselaws?id=66347 The Tribunal vacated the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on the assessee for the assessment year 1980-81. It found that the revenue failed to prove that the explanations provided by the assessee were false or unsubstantiated. Criticizing the inadequate evidence and procedural lapses by the Income Tax Officer, including reliance on unverified reports and hearsay without summoning creditors or examining the Notary Public, the Tribunal allowed the assessee's appeal, concluding that the penalty was unjustified. en-us Wed, 17 Jan 1990 00:00:00 +0530 Wed, 23 Feb 2011 16:55:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66347 The Tribunal vacated the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on the assessee for the assessment year 1980-81. It found that the revenue failed to prove that the explanations provided by the assessee were false or unsubstantiated. Criticizing the inadequate evidence and procedural lapses by the Income Tax Officer, including reliance on unverified reports and hearsay without summoning creditors or examining the Notary Public, the Tribunal allowed the assessee's appeal, concluding that the penalty was unjustified. Case-Laws Income Tax Wed, 17 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66347