https://www.taxtmi.com/caselaws?id=11742 The court set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on a partnership firm engaged in abkari business. It found that the Assessing Officer did not afford the assessee a fair opportunity to explain unexplained cash credits, resulting in an inadequate assessment. Emphasizing procedural fairness, the court directed a fresh consideration of the penalty proceedings, highlighting the need for the AO to follow due process and provide the assessee with a reasonable opportunity to present their case. The matter was remitted for reevaluation in accordance with the law. en-us Wed, 13 Nov 2002 00:00:00 +0530 Sun, 07 Feb 2010 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11742 The court set aside the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 on a partnership firm engaged in abkari business. It found that the Assessing Officer did not afford the assessee a fair opportunity to explain unexplained cash credits, resulting in an inadequate assessment. Emphasizing procedural fairness, the court directed a fresh consideration of the penalty proceedings, highlighting the need for the AO to follow due process and provide the assessee with a reasonable opportunity to present their case. The matter was remitted for reevaluation in accordance with the law. Case-Laws Income Tax Wed, 13 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11742