https://www.taxtmi.com/circulars?id=8718 Penalty for cash credits requires evidence that the amount represented assessable income and that the assessee consciously concealed income or deliberately furnished inaccurate particulars; an assessment finding alone is not conclusive and penalties imposed merely because an explanation is false should be dropped or withdrawn where no cogent evidence exists. The same standard applies under the corresponding later provision except where a statutory amendment made penalties leviable even for non deliberate inaccuracies in returns filed after that amendment. en-us Fri, 14 Aug 1970 00:00:00 +0530 Wed, 25 May 2011 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8718 Penalty for cash credits requires evidence that the amount represented assessable income and that the assessee consciously concealed income or deliberately furnished inaccurate particulars; an assessment finding alone is not conclusive and penalties imposed merely because an explanation is false should be dropped or withdrawn where no cogent evidence exists. The same standard applies under the corresponding later provision except where a statutory amendment made penalties leviable even for non deliberate inaccuracies in returns filed after that amendment. Circulars Income Tax Fri, 14 Aug 1970 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8718