https://www.taxtmi.com/caselaws?id=29508 The High Court of Calcutta addressed a penalty order cancellation under section 271(1)(c) of the Income Tax Act, 1961, for the assessment year 1963-64. Discrepancies in declared income and assessed income, related to cash credits and loans, were at issue. The Tribunal emphasized the assessee's right to challenge admissions and prove credit genuineness, criticizing the lack of creditor summoning by the IAC. The Court upheld the Tribunal's decision, emphasizing the revenue's burden to prove income concealment and the assessee's right to present evidence. The judgment favored the assessee, stressing fair defense opportunities and thorough examination in penalty proceedings. en-us Mon, 18 May 1981 00:00:00 +0530 Sat, 13 Mar 2010 13:49:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29508 The High Court of Calcutta addressed a penalty order cancellation under section 271(1)(c) of the Income Tax Act, 1961, for the assessment year 1963-64. Discrepancies in declared income and assessed income, related to cash credits and loans, were at issue. The Tribunal emphasized the assessee's right to challenge admissions and prove credit genuineness, criticizing the lack of creditor summoning by the IAC. The Court upheld the Tribunal's decision, emphasizing the revenue's burden to prove income concealment and the assessee's right to present evidence. The judgment favored the assessee, stressing fair defense opportunities and thorough examination in penalty proceedings. Case-Laws Income Tax Mon, 18 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29508