https://www.taxtmi.com/caselaws?id=25759 The High Court ruled in favor of the assessee and against the Revenue in a case involving the assessment year 1969-70. The court held that there was no basis for holding that the assessee had Rs. 33,000 as a cash balance at the end of the accounting year. Additionally, the court canceled the penalty under section 271(1)(c) of the Income-tax Act for that year, as the concealment of income could not be proven, and the assessee had discharged the burden of proof. The court justified the separate treatment of penalties for the assessment year 1969-70 compared to previous years. en-us Mon, 08 Jun 1987 00:00:00 +0530 Sat, 30 Jan 2010 17:14:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25759 The High Court ruled in favor of the assessee and against the Revenue in a case involving the assessment year 1969-70. The court held that there was no basis for holding that the assessee had Rs. 33,000 as a cash balance at the end of the accounting year. Additionally, the court canceled the penalty under section 271(1)(c) of the Income-tax Act for that year, as the concealment of income could not be proven, and the assessee had discharged the burden of proof. The court justified the separate treatment of penalties for the assessment year 1969-70 compared to previous years. Case-Laws Income Tax Mon, 08 Jun 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25759