https://www.taxtmi.com/caselaws?id=9227 The court upheld the Tribunal's decision, ruling in favor of the assessee and canceling the penalties levied under section 271(1)(c) of the Income-tax Act for the assessment years in question. The judgment emphasized the nature of the funds collected as trust money for the benefit of students, not taxable income for the assessee. It highlighted the burden on the department to prove concealment of income in penalty proceedings, requiring substantial evidence beyond mere admissions. The court directed the decision to be sent to the Income-tax Appellate Tribunal, affirming the cancellation of penalties. en-us Wed, 12 Dec 1973 00:00:00 +0530 Sat, 20 Jun 2009 15:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9227 The court upheld the Tribunal's decision, ruling in favor of the assessee and canceling the penalties levied under section 271(1)(c) of the Income-tax Act for the assessment years in question. The judgment emphasized the nature of the funds collected as trust money for the benefit of students, not taxable income for the assessee. It highlighted the burden on the department to prove concealment of income in penalty proceedings, requiring substantial evidence beyond mere admissions. The court directed the decision to be sent to the Income-tax Appellate Tribunal, affirming the cancellation of penalties. Case-Laws Income Tax Wed, 12 Dec 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9227