https://www.taxtmi.com/caselaws?id=39598 The penalty of Rs. 30,000 imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65 was cancelled by the Appellate Tribunal and upheld by the High Court. The Tribunal and High Court both found insufficient evidence to prove concealment of income by the assessee, emphasizing that inclusion under section 69A does not automatically imply concealment under section 271(1)(c). The raid by Central Excise authorities and subsequent inclusion of excess cash in total income were not considered conclusive evidence of concealment for the relevant assessment year. en-us Tue, 05 Nov 1974 00:00:00 +0530 Mon, 19 Apr 2010 10:45:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39598 The penalty of Rs. 30,000 imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65 was cancelled by the Appellate Tribunal and upheld by the High Court. The Tribunal and High Court both found insufficient evidence to prove concealment of income by the assessee, emphasizing that inclusion under section 69A does not automatically imply concealment under section 271(1)(c). The raid by Central Excise authorities and subsequent inclusion of excess cash in total income were not considered conclusive evidence of concealment for the relevant assessment year. Case-Laws Income Tax Tue, 05 Nov 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39598