https://www.taxtmi.com/caselaws?id=28354 The High Court of Patna ruled in favor of the assessee, holding that the cancellation of the penalty imposed was legal and proper. The court agreed with the Tribunal that the burden was on the Department to establish that the cash credits constituted income, and since the assessee failed to prove the credits as genuine, no penalty could be imposed. The court upheld the cancellation of the penalty, finding no infirmity in the Tribunal's decision and awarding costs to the assessee. en-us Sat, 04 Dec 1982 00:00:00 +0530 Sat, 20 Feb 2010 18:24:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28354 The High Court of Patna ruled in favor of the assessee, holding that the cancellation of the penalty imposed was legal and proper. The court agreed with the Tribunal that the burden was on the Department to establish that the cash credits constituted income, and since the assessee failed to prove the credits as genuine, no penalty could be imposed. The court upheld the cancellation of the penalty, finding no infirmity in the Tribunal's decision and awarding costs to the assessee. Case-Laws Income Tax Sat, 04 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28354