https://www.taxtmi.com/caselaws?id=27353 The High Court upheld the Tribunal's decision to cancel the penalty of Rs. 10,000 imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court emphasized that the assessee's explanation regarding the source of the penalty amount was plausible, and the burden of proof had shifted to the assessee to provide a credible and probable explanation. The Court found the Tribunal's reliance on an outdated precedent to be erroneous and highlighted the importance of providing material evidence to support the explanation. Ultimately, the Court ruled in favor of the assessee, holding that the Tribunal's decision to cancel the penalty was justified. en-us Fri, 18 Jan 1985 00:00:00 +0530 Fri, 12 Feb 2010 12:38:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27353 The High Court upheld the Tribunal's decision to cancel the penalty of Rs. 10,000 imposed under section 271(1)(c) of the Income-tax Act, 1961. The Court emphasized that the assessee's explanation regarding the source of the penalty amount was plausible, and the burden of proof had shifted to the assessee to provide a credible and probable explanation. The Court found the Tribunal's reliance on an outdated precedent to be erroneous and highlighted the importance of providing material evidence to support the explanation. Ultimately, the Court ruled in favor of the assessee, holding that the Tribunal's decision to cancel the penalty was justified. Case-Laws Income Tax Fri, 18 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27353