https://www.taxtmi.com/caselaws?id=38912 The High Court of Madras upheld the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1961-62. The court found that the assessee's explanation regarding cash credit entries was unreliable and false, indicating concealed income. Emphasizing the importance of credible evidence, the court ruled in favor of the department, highlighting discrepancies in the witnesses' statements and the lack of substantial income sources. The penalty was affirmed, underscoring the consequences of providing false explanations in income tax matters. en-us Tue, 20 Aug 1974 00:00:00 +0530 Sat, 10 Apr 2010 13:08:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38912 The High Court of Madras upheld the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1961-62. The court found that the assessee's explanation regarding cash credit entries was unreliable and false, indicating concealed income. Emphasizing the importance of credible evidence, the court ruled in favor of the department, highlighting discrepancies in the witnesses' statements and the lack of substantial income sources. The penalty was affirmed, underscoring the consequences of providing false explanations in income tax matters. Case-Laws Income Tax Tue, 20 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38912