https://www.taxtmi.com/caselaws?id=69676 The Tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the IT Act, 1961 for the assessment year 1968-69. The Tribunal found no intention to conceal income in investments made in the names of minor sons, as there was no concrete evidence that the investments were from family funds. The decision highlighted that the assessee was entitled to the benefit of doubt due to the lack of proof of concealment, leading to the penalty's cancellation. en-us Mon, 31 May 1976 00:00:00 +0530 Mon, 11 Apr 2011 14:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69676 The Tribunal allowed the appeal, canceling the penalty imposed under section 271(1)(c) of the IT Act, 1961 for the assessment year 1968-69. The Tribunal found no intention to conceal income in investments made in the names of minor sons, as there was no concrete evidence that the investments were from family funds. The decision highlighted that the assessee was entitled to the benefit of doubt due to the lack of proof of concealment, leading to the penalty's cancellation. Case-Laws Income Tax Mon, 31 May 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69676