https://www.taxtmi.com/caselaws?id=67075 Penalty under section 271(1)(c) was not sustainable where cash credits were treated as non-genuine in assessment only for lack of proof of creditors' creditworthiness, but the Department brought no further material to establish concealment of income. The assessee had examined the creditor and thereby discharged the initial burden in the penalty proceedings. In the absence of additional evidence linking the impugned credits to concealed income, the statutory explanation to the penalty provision did not justify levy of penalty, and the penalty was cancelled in favour of the assessee. en-us Mon, 10 Sep 1984 00:00:00 +0530 Wed, 09 Mar 2011 10:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67075 Penalty under section 271(1)(c) was not sustainable where cash credits were treated as non-genuine in assessment only for lack of proof of creditors' creditworthiness, but the Department brought no further material to establish concealment of income. The assessee had examined the creditor and thereby discharged the initial burden in the penalty proceedings. In the absence of additional evidence linking the impugned credits to concealed income, the statutory explanation to the penalty provision did not justify levy of penalty, and the penalty was cancelled in favour of the assessee. Case-Laws Income Tax Mon, 10 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67075