https://www.taxtmi.com/caselaws?id=71730 The ITAT Pune overturned the penalty imposed under section 271(1)(c) of the IT Act, 1961 for the assessment year 1976-77. The dispute arose from a discrepancy in credits, with the Tribunal finding the assessee's receipt of Rs. 5,000 from a creditor to be consistent. Emphasizing the need for concrete evidence of deliberate concealment, the Tribunal canceled the penalty, disagreeing with the department's argument based on inconsistent statements. The appeal was allowed, setting aside the penalty imposed by the AAC, highlighting the importance of legal principles and precedents in penalty proceedings. en-us Wed, 02 Apr 1980 00:00:00 +0530 Tue, 26 Apr 2011 17:41:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71730 The ITAT Pune overturned the penalty imposed under section 271(1)(c) of the IT Act, 1961 for the assessment year 1976-77. The dispute arose from a discrepancy in credits, with the Tribunal finding the assessee's receipt of Rs. 5,000 from a creditor to be consistent. Emphasizing the need for concrete evidence of deliberate concealment, the Tribunal canceled the penalty, disagreeing with the department's argument based on inconsistent statements. The appeal was allowed, setting aside the penalty imposed by the AAC, highlighting the importance of legal principles and precedents in penalty proceedings. Case-Laws Income Tax Wed, 02 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71730