https://www.taxtmi.com/caselaws?id=13193 The High Court of Punjab and Haryana upheld the deletion of a penalty under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1988-89. Despite discrepancies, the Tribunal found the assessee's explanation for cash credits satisfactory as they were routed through banking channels and supported by relevant statements. The Court emphasized the independence of penalty proceedings from additions and dismissed the Revenue's appeal, affirming the Tribunal's decision to quash the penalty based on the provided explanation. en-us Mon, 08 May 2006 00:00:00 +0530 Wed, 27 May 2009 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13193 The High Court of Punjab and Haryana upheld the deletion of a penalty under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1988-89. Despite discrepancies, the Tribunal found the assessee's explanation for cash credits satisfactory as they were routed through banking channels and supported by relevant statements. The Court emphasized the independence of penalty proceedings from additions and dismissed the Revenue's appeal, affirming the Tribunal's decision to quash the penalty based on the provided explanation. Case-Laws Income Tax Mon, 08 May 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13193