https://www.taxtmi.com/caselaws?id=68020 The Tribunal dismissed the Revenue's appeal against the cancellation of a penalty of Rs. 9,420 imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty related to an addition of Rs. 60,000 for unexplained cash under section 69A. The Tribunal emphasized the need for positive evidence in income assessments before imposing penalties, considering the lack of evidence of concealment or wilful neglect by the assessee. The judgment highlighted the importance of evidence and lack of justification for penalty imposition, ultimately affirming the cancellation of the penalty. en-us Thu, 12 Sep 1991 00:00:00 +0530 Wed, 16 Mar 2011 14:14:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68020 The Tribunal dismissed the Revenue's appeal against the cancellation of a penalty of Rs. 9,420 imposed under section 271(1)(c) of the Income Tax Act, 1961. The penalty related to an addition of Rs. 60,000 for unexplained cash under section 69A. The Tribunal emphasized the need for positive evidence in income assessments before imposing penalties, considering the lack of evidence of concealment or wilful neglect by the assessee. The judgment highlighted the importance of evidence and lack of justification for penalty imposition, ultimately affirming the cancellation of the penalty. Case-Laws Income Tax Thu, 12 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68020