https://www.taxtmi.com/caselaws?id=238010 The Tribunal dismissed the Revenue's appeals, confirming the cancellation of the penalty under section 271(1)(c) for both assessment years 2005-2006 and 2006-2007. The decision was based on the lack of substantial evidence proving the assessee retained cash as income, granting the benefit of doubt due to the absence of concrete proof. The Tribunal emphasized the importance of considering the overall context of the assessee's actions in overturning the penalty imposition. en-us Fri, 04 Oct 2013 00:00:00 +0530 Mon, 14 Oct 2013 10:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238010 The Tribunal dismissed the Revenue's appeals, confirming the cancellation of the penalty under section 271(1)(c) for both assessment years 2005-2006 and 2006-2007. The decision was based on the lack of substantial evidence proving the assessee retained cash as income, granting the benefit of doubt due to the absence of concrete proof. The Tribunal emphasized the importance of considering the overall context of the assessee's actions in overturning the penalty imposition. Case-Laws Income Tax Fri, 04 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238010