https://www.taxtmi.com/caselaws?id=237650 The High Court upheld the ITAT's decision to quash the penalty order imposed under Section 271(1)(c) of the Income-tax Act, 1961. The ITAT's deletion of the quantum addition due to lack of evidence supporting the AO's presumption of cash settlement from seized cheques led to the penalty being set aside. The Court found no error in the ITAT's decision and dismissed the Revenue's appeal, as no substantial question of law arose from the case. en-us Mon, 08 Jul 2013 00:00:00 +0530 Sat, 18 Jul 2026 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237650 The High Court upheld the ITAT's decision to quash the penalty order imposed under Section 271(1)(c) of the Income-tax Act, 1961. The ITAT's deletion of the quantum addition due to lack of evidence supporting the AO's presumption of cash settlement from seized cheques led to the penalty being set aside. The Court found no error in the ITAT's decision and dismissed the Revenue's appeal, as no substantial question of law arose from the case. Case-Laws Income Tax Mon, 08 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237650