https://www.taxtmi.com/caselaws?id=799119 Penalty for an alleged breach of cash-transaction restrictions requires cogent proof of the underlying cash receipt, even though penalty proceedings are independent of assessment proceedings. The Revenue did not produce demonstrative evidence supporting the alleged cash receipt used as the basis for penalty; the larger amount rested on conjecture and differed from the amount recorded in the available material. As the essential cash transaction was not proved, penalty was not leviable. en-us Wed, 15 Jul 2026 00:00:00 +0530 Thu, 17 Sep 2026 07:52:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799119 Penalty for an alleged breach of cash-transaction restrictions requires cogent proof of the underlying cash receipt, even though penalty proceedings are independent of assessment proceedings. The Revenue did not produce demonstrative evidence supporting the alleged cash receipt used as the basis for penalty; the larger amount rested on conjecture and differed from the amount recorded in the available material. As the essential cash transaction was not proved, penalty was not leviable. Case-Laws Income Tax Wed, 15 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799119