https://www.taxtmi.com/caselaws?id=69185 The Income Tax Appellate Tribunal (ITAT) overturned the penalty imposed by the Income Tax Appellate Commissioner (IAC) under section 271(1)(c) of the Income Tax Act, 1961, for alleged income concealment. The ITAT found discrepancies in the evidence provided by a creditor, leading to the conclusion that the credits in the appellant's account were genuine borrowings and not undisclosed income. The ITAT reduced the penalty to Rs. 2,000 for unexplained credits but upheld it for other amounts. The appeal was partially allowed, and the miscellaneous petition was dismissed. en-us Thu, 22 Apr 1976 00:00:00 +0530 Tue, 05 Apr 2011 16:30:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69185 The Income Tax Appellate Tribunal (ITAT) overturned the penalty imposed by the Income Tax Appellate Commissioner (IAC) under section 271(1)(c) of the Income Tax Act, 1961, for alleged income concealment. The ITAT found discrepancies in the evidence provided by a creditor, leading to the conclusion that the credits in the appellant's account were genuine borrowings and not undisclosed income. The ITAT reduced the penalty to Rs. 2,000 for unexplained credits but upheld it for other amounts. The appeal was partially allowed, and the miscellaneous petition was dismissed. Case-Laws Income Tax Thu, 22 Apr 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69185