https://www.taxtmi.com/caselaws?id=36819 The court upheld the Tribunal's decision to cancel the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the evidence presented, including witness testimonies, rebutted the presumption against the assessee. The court emphasized that penalty imposition requires a reasonable conclusion based on all circumstances indicating deliberate concealment or furnishing of inaccurate particulars. The application seeking reference of questions of law to the court was dismissed as no substantial question of law arose from the Tribunal's decision, which was deemed well-founded and justified. en-us Wed, 10 Oct 1979 00:00:00 +0530 Wed, 24 Mar 2010 17:39:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36819 The court upheld the Tribunal's decision to cancel the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the evidence presented, including witness testimonies, rebutted the presumption against the assessee. The court emphasized that penalty imposition requires a reasonable conclusion based on all circumstances indicating deliberate concealment or furnishing of inaccurate particulars. The application seeking reference of questions of law to the court was dismissed as no substantial question of law arose from the Tribunal's decision, which was deemed well-founded and justified. Case-Laws Income Tax Wed, 10 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36819