https://www.taxtmi.com/caselaws?id=331700 The Tribunal upheld the CIT(A)'s order canceling a penalty under Section 271(1)(c) of the IT Act, ruling it applicable only to an unexplained cash credit of Rs. 30,000, not to estimated income. The penalty for estimated profit was deleted due to lack of evidence of concealment. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision and emphasizing the absence of proof of income concealment. The Assessing Officer's order was not restored, and the penalty was upheld solely on the unexplained cash credit. en-us Mon, 25 Jul 2016 00:00:00 +0530 Wed, 31 Aug 2016 09:04:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331700 The Tribunal upheld the CIT(A)'s order canceling a penalty under Section 271(1)(c) of the IT Act, ruling it applicable only to an unexplained cash credit of Rs. 30,000, not to estimated income. The penalty for estimated profit was deleted due to lack of evidence of concealment. The Tribunal dismissed the Revenue's appeal, affirming the CIT(A)'s decision and emphasizing the absence of proof of income concealment. The Assessing Officer's order was not restored, and the penalty was upheld solely on the unexplained cash credit. Case-Laws Income Tax Mon, 25 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331700