https://www.taxtmi.com/caselaws?id=71157 The Tribunal upheld the AAC's decision to cancel the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 1972-73. The Department failed to prove concealment of income by the assessee regarding a cash credit addition, as the creditor's financial records did not support the imposition of the penalty. The appeal against the cancellation of the penalty was dismissed, affirming the assessee's position. en-us Mon, 26 Mar 1979 00:00:00 +0530 Thu, 21 Apr 2011 16:23:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71157 The Tribunal upheld the AAC's decision to cancel the penalty under section 271(1)(c) of the Income Tax Act for the assessment year 1972-73. The Department failed to prove concealment of income by the assessee regarding a cash credit addition, as the creditor's financial records did not support the imposition of the penalty. The appeal against the cancellation of the penalty was dismissed, affirming the assessee's position. Case-Laws Income Tax Mon, 26 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71157