https://www.taxtmi.com/caselaws?id=71141 The Appellate Tribunal overturned the penalty imposed under s. 271(1)(c) of the Income-tax Act for the assessment year 1972-73. The Tribunal found that the Rs. 5,000 deposit was not proven to be concealed income, emphasizing the lack of concrete evidence to support the claim. Despite rejecting the assessee's explanation, the Tribunal deemed the penalty unjustified and canceled the order, stating that the mere rejection of an explanation does not necessarily indicate concealment. en-us Fri, 08 Jul 1977 00:00:00 +0530 Thu, 21 Apr 2011 15:47:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71141 The Appellate Tribunal overturned the penalty imposed under s. 271(1)(c) of the Income-tax Act for the assessment year 1972-73. The Tribunal found that the Rs. 5,000 deposit was not proven to be concealed income, emphasizing the lack of concrete evidence to support the claim. Despite rejecting the assessee's explanation, the Tribunal deemed the penalty unjustified and canceled the order, stating that the mere rejection of an explanation does not necessarily indicate concealment. Case-Laws Income Tax Fri, 08 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71141