https://www.taxtmi.com/caselaws?id=36123 The High Court of MADRAS upheld the deletion of the unexplained income addition of Rs. 59,205 and the reduction of the penalty to Rs. 1,000 imposed under section 271(1)(c) of the Income Tax Act for the assessment year 1963-64. The Court found the assessee's explanations regarding the credits to be satisfactory and supported by evidence, concluding that the invocation of section 68 of the Income Tax Act was unwarranted. The Court ruled in favor of the assessee on both the addition deletion and the penalty reduction issues. en-us Tue, 05 Aug 1980 00:00:00 +0530 Fri, 19 Mar 2010 14:06:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36123 The High Court of MADRAS upheld the deletion of the unexplained income addition of Rs. 59,205 and the reduction of the penalty to Rs. 1,000 imposed under section 271(1)(c) of the Income Tax Act for the assessment year 1963-64. The Court found the assessee's explanations regarding the credits to be satisfactory and supported by evidence, concluding that the invocation of section 68 of the Income Tax Act was unwarranted. The Court ruled in favor of the assessee on both the addition deletion and the penalty reduction issues. Case-Laws Income Tax Tue, 05 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36123