https://www.taxtmi.com/caselaws?id=35783 The High Court of Calcutta upheld the Tribunal's decision to not impose a penalty under section 271(1)(c) of the Income Tax Act, 1961. The Court found no concealment of income or furnishing of inaccurate particulars, as the cash deposits in question were excluded from the assessee's total income by the AAC. With differing opinions and no other taxable items identified, the Court ruled in favor of the assessee, directing each party to bear its own costs. The judgment did not delve into interpreting the law but relied on established facts and previous case observations. en-us Tue, 24 Feb 1981 00:00:00 +0530 Tue, 16 Mar 2010 16:03:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35783 The High Court of Calcutta upheld the Tribunal's decision to not impose a penalty under section 271(1)(c) of the Income Tax Act, 1961. The Court found no concealment of income or furnishing of inaccurate particulars, as the cash deposits in question were excluded from the assessee's total income by the AAC. With differing opinions and no other taxable items identified, the Court ruled in favor of the assessee, directing each party to bear its own costs. The judgment did not delve into interpreting the law but relied on established facts and previous case observations. Case-Laws Income Tax Tue, 24 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35783