https://www.taxtmi.com/caselaws?id=55114 The appellate court allowed the appeal, reinstating the Income Tax Officer's order for penalty imposition on the assessee for concealing income related to a cash credit. The court emphasized the burden of proof on the assessee to substantiate the genuineness of the deposit and the capacity of the depositors. The court referred to various case laws and judicial precedents to support the penalty imposition under section 271(1)(c) for unexplained cash credits. The decision highlighted the importance of strong evidence and credibility in supporting the assessee's claims to avoid penalty imposition in such cases. en-us Mon, 29 Oct 1990 00:00:00 +0530 Wed, 24 Nov 2010 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55114 The appellate court allowed the appeal, reinstating the Income Tax Officer's order for penalty imposition on the assessee for concealing income related to a cash credit. The court emphasized the burden of proof on the assessee to substantiate the genuineness of the deposit and the capacity of the depositors. The court referred to various case laws and judicial precedents to support the penalty imposition under section 271(1)(c) for unexplained cash credits. The decision highlighted the importance of strong evidence and credibility in supporting the assessee's claims to avoid penalty imposition in such cases. Case-Laws Income Tax Mon, 29 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55114