https://www.taxtmi.com/caselaws?id=22883 The Court cancelled the penalty levied by the Income-tax Department under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65. The Department's contention that the offer for assessment justified the penalty was rejected. The Court found that the offer did not amount to an admission of concealment of income, as the genuineness of the hundi loans was maintained by the assessee despite difficulties in proving them. The judgment underscores the necessity of concrete evidence to support penalty levies under section 271(1)(c). en-us Wed, 02 Dec 1981 00:00:00 +0530 Tue, 15 Dec 2009 11:27:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22883 The Court cancelled the penalty levied by the Income-tax Department under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65. The Department's contention that the offer for assessment justified the penalty was rejected. The Court found that the offer did not amount to an admission of concealment of income, as the genuineness of the hundi loans was maintained by the assessee despite difficulties in proving them. The judgment underscores the necessity of concrete evidence to support penalty levies under section 271(1)(c). Case-Laws Income Tax Wed, 02 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22883