https://www.taxtmi.com/caselaws?id=38888 The Income-tax Appellate Tribunal canceled a penalty under section 271(1)(c)/274(2) of the Income-tax Act, 1961 imposed on an individual assessee for concealment of income. The Tribunal ruled that the mere addition of an unexplained cash credit does not warrant a penalty without independent proof of deliberate concealment. Citing the Supreme Court case Commissioner of Income-tax v. Anwar Ali, the Tribunal emphasized the need for such proof. The Tribunal did not address the applicability of the Explanation to section 271(1)(c), leading to the court ruling in favor of the assessee due to the lack of proper consideration of the Explanation, awarding costs of Rs. 200. en-us Sat, 16 Feb 1974 00:00:00 +0530 Sat, 10 Apr 2010 12:08:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38888 The Income-tax Appellate Tribunal canceled a penalty under section 271(1)(c)/274(2) of the Income-tax Act, 1961 imposed on an individual assessee for concealment of income. The Tribunal ruled that the mere addition of an unexplained cash credit does not warrant a penalty without independent proof of deliberate concealment. Citing the Supreme Court case Commissioner of Income-tax v. Anwar Ali, the Tribunal emphasized the need for such proof. The Tribunal did not address the applicability of the Explanation to section 271(1)(c), leading to the court ruling in favor of the assessee due to the lack of proper consideration of the Explanation, awarding costs of Rs. 200. Case-Laws Income Tax Sat, 16 Feb 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38888