https://www.taxtmi.com/caselaws?id=761973 Penalty under section 271(1)(c) is not justified merely because an addition toward unexplained cash credits is sustained in quantum proceedings. The assessee had furnished relevant details and supporting evidence, and the mere rejection of that explanation in assessment did not by itself establish concealment or furnishing of inaccurate particulars. Quantum and penalty proceedings operate independently, so the statutory ingredients for penalty must be separately proved. On this basis, the penalty was deleted. en-us Mon, 18 Nov 2024 00:00:00 +0530 Wed, 20 Nov 2024 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761973 Penalty under section 271(1)(c) is not justified merely because an addition toward unexplained cash credits is sustained in quantum proceedings. The assessee had furnished relevant details and supporting evidence, and the mere rejection of that explanation in assessment did not by itself establish concealment or furnishing of inaccurate particulars. Quantum and penalty proceedings operate independently, so the statutory ingredients for penalty must be separately proved. On this basis, the penalty was deleted. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761973