https://www.taxtmi.com/caselaws?id=255950 The Court ruled in favor of the appellant-assessee, quashing the penalties imposed under Sections 271(1)(c) and 273(2)(a) for the assessment year 1986-87. The Court found no willful concealment by the assessee, setting aside the Tribunal's decision based on unproven cash credit sources and discrepancies in declared income. Both appeals were allowed in favor of the appellant-assessee, with no costs awarded. en-us Tue, 11 Nov 2014 00:00:00 +0530 Mon, 10 Apr 2017 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255950 The Court ruled in favor of the appellant-assessee, quashing the penalties imposed under Sections 271(1)(c) and 273(2)(a) for the assessment year 1986-87. The Court found no willful concealment by the assessee, setting aside the Tribunal's decision based on unproven cash credit sources and discrepancies in declared income. Both appeals were allowed in favor of the appellant-assessee, with no costs awarded. Case-Laws Income Tax Tue, 11 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255950