https://www.taxtmi.com/caselaws?id=66726 The tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act 1961 for the assessment year 1971-72. It found that the Department failed to prove that the unproved cash credits represented concealed income, as the burden of proof in penalty proceedings lies with the revenue. Additionally, the tribunal emphasized the lack of independent evidence and rejected the application of the Explanation to section 271(1)(c) due to the assessment resulting in a loss, not understated income. Consequently, the penalty was canceled, and the appeal was allowed. en-us Tue, 31 May 1977 00:00:00 +0530 Sat, 05 Mar 2011 18:42:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66726 The tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act 1961 for the assessment year 1971-72. It found that the Department failed to prove that the unproved cash credits represented concealed income, as the burden of proof in penalty proceedings lies with the revenue. Additionally, the tribunal emphasized the lack of independent evidence and rejected the application of the Explanation to section 271(1)(c) due to the assessment resulting in a loss, not understated income. Consequently, the penalty was canceled, and the appeal was allowed. Case-Laws Income Tax Tue, 31 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66726