https://www.taxtmi.com/caselaws?id=69277 The Appellate Tribunal ITAT MADRAS-A affirmed the cancellation of a penalty of Rs. 20,252 imposed under section 271(1)(c) of the IT Act, 1961 for concealed income for the assessment year 1972-73. The Tribunal found that the assessee's agricultural income was not proven to be concealed, as variations in income were attributed to factors like monsoon conditions and yield, and the burden of proof under section 271(1)(c) was not met. The lack of evidence of fraud or wilful neglect led to the cancellation of the penalty. en-us Thu, 31 May 1979 00:00:00 +0530 Wed, 06 Apr 2011 10:50:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69277 The Appellate Tribunal ITAT MADRAS-A affirmed the cancellation of a penalty of Rs. 20,252 imposed under section 271(1)(c) of the IT Act, 1961 for concealed income for the assessment year 1972-73. The Tribunal found that the assessee's agricultural income was not proven to be concealed, as variations in income were attributed to factors like monsoon conditions and yield, and the burden of proof under section 271(1)(c) was not met. The lack of evidence of fraud or wilful neglect led to the cancellation of the penalty. Case-Laws Income Tax Thu, 31 May 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69277