https://www.taxtmi.com/caselaws?id=19305 The High Court of Calcutta found that the Tribunal's decision on the cash credit of Rs. 50,000 and penalty under section 271(1)(c) of the Income-tax Act, 1961 was not based on material or perverse grounds. The Court ruled in favor of the assessee, stating that there was no concealment of income or furnishing of inaccurate particulars. The penalty imposed was deemed unjustified, and the burden of proof was not shifted to the Department. The judgment favored the assessee, with the penalty being overturned. en-us Tue, 29 Nov 1994 00:00:00 +0530 Thu, 05 Nov 2009 12:49:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19305 The High Court of Calcutta found that the Tribunal's decision on the cash credit of Rs. 50,000 and penalty under section 271(1)(c) of the Income-tax Act, 1961 was not based on material or perverse grounds. The Court ruled in favor of the assessee, stating that there was no concealment of income or furnishing of inaccurate particulars. The penalty imposed was deemed unjustified, and the burden of proof was not shifted to the Department. The judgment favored the assessee, with the penalty being overturned. Case-Laws Income Tax Tue, 29 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19305