https://www.taxtmi.com/caselaws?id=69181 Penalty under section 271(1)(c) was held unsustainable for assessment year 1970-71 because the impugned cash balance inflation related to the opening balance shown on 1 April 1970. The addition of unexplained cash difference as income did not, by itself, establish concealment in that assessment year, and there was no finding that any concealment occurred during the relevant accounting period. A mere inability to explain the cash credit was insufficient to justify penalty, so the penalty was cancelled. en-us Sat, 03 Apr 1976 00:00:00 +0530 Tue, 05 Apr 2011 16:17:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69181 Penalty under section 271(1)(c) was held unsustainable for assessment year 1970-71 because the impugned cash balance inflation related to the opening balance shown on 1 April 1970. The addition of unexplained cash difference as income did not, by itself, establish concealment in that assessment year, and there was no finding that any concealment occurred during the relevant accounting period. A mere inability to explain the cash credit was insufficient to justify penalty, so the penalty was cancelled. Case-Laws Income Tax Sat, 03 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69181