https://www.taxtmi.com/caselaws?id=8372 The High Court of PUNJAB AND HARYANA ruled in the case involving Messrs. Gumani Ram Siri Ram that a penalty under section 271(1)(c) of the Income-tax Act, 1961 could not be imposed on cash deposits surrendered by the assessee without sufficient evidence linking the surrendered amount to income. The court emphasized the importance of meeting statutory requirements and the need for evidence to establish the nature of surrendered amounts as income, ultimately overturning the penalty imposed by the Tribunal. en-us Tue, 17 Aug 1971 00:00:00 +0530 Fri, 10 Apr 2009 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8372 The High Court of PUNJAB AND HARYANA ruled in the case involving Messrs. Gumani Ram Siri Ram that a penalty under section 271(1)(c) of the Income-tax Act, 1961 could not be imposed on cash deposits surrendered by the assessee without sufficient evidence linking the surrendered amount to income. The court emphasized the importance of meeting statutory requirements and the need for evidence to establish the nature of surrendered amounts as income, ultimately overturning the penalty imposed by the Tribunal. Case-Laws Income Tax Tue, 17 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8372