https://www.taxtmi.com/caselaws?id=68132 The Tribunal canceled the penalty of Rs. 36,200 imposed under section 271(1)(c) of the IT Act, upholding the appeal in favor of the assessee. The Tribunal emphasized the quasi-criminal nature of penalty proceedings, requiring a standard of proof akin to civil proceedings and considering the preponderance of probability in favor of the assessee's case regarding the cash credits in the books. The Tribunal held that penalty proceedings are independent of assessment proceedings, leading to the cancellation of the penalty and a ruling in favor of the assessee. en-us Tue, 21 Dec 1993 00:00:00 +0530 Wed, 16 Mar 2011 18:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68132 The Tribunal canceled the penalty of Rs. 36,200 imposed under section 271(1)(c) of the IT Act, upholding the appeal in favor of the assessee. The Tribunal emphasized the quasi-criminal nature of penalty proceedings, requiring a standard of proof akin to civil proceedings and considering the preponderance of probability in favor of the assessee's case regarding the cash credits in the books. The Tribunal held that penalty proceedings are independent of assessment proceedings, leading to the cancellation of the penalty and a ruling in favor of the assessee. Case-Laws Income Tax Tue, 21 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68132