https://www.taxtmi.com/caselaws?id=279711 The Court held that the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 1968-69 was not sustainable. The assessee's acknowledgment of the cash credits without evidence did not amount to admitting concealment of income. The Court distinguished the case from a prior one where concealment was admitted, emphasizing the difference in treatment of concealed business income. Consequently, the penalty was deemed unjustified, ruling in favor of the assessee and directing the Commissioner to bear the costs. en-us Sun, 28 Mar 1982 00:00:00 +0530 Tue, 02 Apr 2019 13:20:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279711 The Court held that the penalty imposed under section 271(1)(c) of the IT Act for the assessment year 1968-69 was not sustainable. The assessee's acknowledgment of the cash credits without evidence did not amount to admitting concealment of income. The Court distinguished the case from a prior one where concealment was admitted, emphasizing the difference in treatment of concealed business income. Consequently, the penalty was deemed unjustified, ruling in favor of the assessee and directing the Commissioner to bear the costs. Case-Laws Income Tax Sun, 28 Mar 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279711