https://www.taxtmi.com/caselaws?id=71110 The Appellate Tribunal ITAT Patna-A upheld the cancellation of a penalty of Rs. 6,100 imposed under section 271(1)(c) for the year 1963-64. The Tribunal found that the Department failed to establish that the disputed cash deposits constituted taxable income, emphasizing the necessity of proving conscious concealment or furnishing inaccurate particulars before imposing a penalty. As the assessee provided a reasonable explanation for the deposits as past savings and rental income, with no contradictory evidence from the Revenue, the Tribunal dismissed the Department's appeal, underscoring the importance of linking disputed amounts to taxable income before penalizing for concealment or inaccuracies. en-us Thu, 24 Jun 1976 00:00:00 +0530 Thu, 21 Apr 2011 13:48:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71110 The Appellate Tribunal ITAT Patna-A upheld the cancellation of a penalty of Rs. 6,100 imposed under section 271(1)(c) for the year 1963-64. The Tribunal found that the Department failed to establish that the disputed cash deposits constituted taxable income, emphasizing the necessity of proving conscious concealment or furnishing inaccurate particulars before imposing a penalty. As the assessee provided a reasonable explanation for the deposits as past savings and rental income, with no contradictory evidence from the Revenue, the Tribunal dismissed the Department's appeal, underscoring the importance of linking disputed amounts to taxable income before penalizing for concealment or inaccuracies. Case-Laws Income Tax Thu, 24 Jun 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71110