https://www.taxtmi.com/caselaws?id=69177 The Appellate Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 1970-71. The Tribunal found that the rejection of the assessee's explanation was insufficient to prove that the sum of Rs. 20,001 was concealed income. Considering the plausible explanation provided by the assessee regarding the source of the credit entry, including mortgage proceeds and previous savings, the Tribunal concluded that the Revenue failed to demonstrate conclusively that the amount was undisclosed income. en-us Sat, 03 Apr 1976 00:00:00 +0530 Tue, 05 Apr 2011 16:07:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69177 The Appellate Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 1970-71. The Tribunal found that the rejection of the assessee's explanation was insufficient to prove that the sum of Rs. 20,001 was concealed income. Considering the plausible explanation provided by the assessee regarding the source of the credit entry, including mortgage proceeds and previous savings, the Tribunal concluded that the Revenue failed to demonstrate conclusively that the amount was undisclosed income. Case-Laws Income Tax Sat, 03 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69177