https://www.taxtmi.com/caselaws?id=70191 The Tribunal upheld the Appellate Assistant Commissioner's decision to cancel the penalty of Rs. 10,000 imposed under section 271(1)(c) of the IT Act. It emphasized that while the assessment of cash credits was justified, penalty proceedings required conclusive evidence of deliberate income concealment, which was lacking in this case. The Tribunal dismissed the Revenue's appeal, stating that the rejection of the assessee's explanation alone did not warrant the penalty, highlighting the need for the Department to establish intentional income concealment for such penalties. en-us Mon, 19 Nov 1979 00:00:00 +0530 Thu, 14 Apr 2011 17:39:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70191 The Tribunal upheld the Appellate Assistant Commissioner's decision to cancel the penalty of Rs. 10,000 imposed under section 271(1)(c) of the IT Act. It emphasized that while the assessment of cash credits was justified, penalty proceedings required conclusive evidence of deliberate income concealment, which was lacking in this case. The Tribunal dismissed the Revenue's appeal, stating that the rejection of the assessee's explanation alone did not warrant the penalty, highlighting the need for the Department to establish intentional income concealment for such penalties. Case-Laws Income Tax Mon, 19 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70191