https://www.taxtmi.com/caselaws?id=185361 The ITAT dismissed the Revenue's appeal and allowed the assessee's appeal, concluding that no penalty under s. 271(1)(c) of the IT Act was justified on the amounts of Rs. 1.63 crore and Rs. 110.50 lakhs. The ITAT found that the Revenue failed to disprove the explanations provided by the assessee regarding the 'on-money' receipts and the absence of evidence supporting the penalties imposed by the AO. en-us Wed, 14 Dec 2011 00:00:00 +0530 Wed, 22 Apr 2026 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185361 The ITAT dismissed the Revenue's appeal and allowed the assessee's appeal, concluding that no penalty under s. 271(1)(c) of the IT Act was justified on the amounts of Rs. 1.63 crore and Rs. 110.50 lakhs. The ITAT found that the Revenue failed to disprove the explanations provided by the assessee regarding the 'on-money' receipts and the absence of evidence supporting the penalties imposed by the AO. Case-Laws Income Tax Wed, 14 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185361