https://www.taxtmi.com/caselaws?id=69208 The ITAT MADRAS-A overturned the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1971-72. The Tribunal ruled in favor of the assessee, finding insufficient evidence to support the claim of undisclosed income from disputed cash credits. It held that the revenue failed to establish concealment of income, leading to the cancellation of the penalty. en-us Wed, 29 Dec 1976 00:00:00 +0530 Tue, 05 Apr 2011 17:20:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69208 The ITAT MADRAS-A overturned the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1971-72. The Tribunal ruled in favor of the assessee, finding insufficient evidence to support the claim of undisclosed income from disputed cash credits. It held that the revenue failed to establish concealment of income, leading to the cancellation of the penalty. Case-Laws Income Tax Wed, 29 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69208