https://www.taxtmi.com/caselaws?id=39870 The High Court of Delhi dismissed the application by M/s. Polo Singh & Company seeking a reference regarding the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 1963-64. The court upheld the Tribunal's decision that the unproved cash credit constituted concealed income, emphasizing the burden of proof on the assessee to establish the genuineness of entries. The judgment highlights the necessity of providing concrete evidence to support financial claims during assessment and penalty proceedings, ultimately affirming the imposition of the penalty without awarding costs to the assessee. en-us Tue, 18 Sep 1973 00:00:00 +0530 Tue, 20 Apr 2010 17:34:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39870 The High Court of Delhi dismissed the application by M/s. Polo Singh & Company seeking a reference regarding the penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 1963-64. The court upheld the Tribunal's decision that the unproved cash credit constituted concealed income, emphasizing the burden of proof on the assessee to establish the genuineness of entries. The judgment highlights the necessity of providing concrete evidence to support financial claims during assessment and penalty proceedings, ultimately affirming the imposition of the penalty without awarding costs to the assessee. Case-Laws Income Tax Tue, 18 Sep 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39870