https://www.taxtmi.com/caselaws?id=57096 The ITAT Amritsar ruled in favor of the assessee, deleting the addition of Rs. 20,000 as cash credit due to violations of natural justice by the ITO. The imposition of penalty under section 271(1)(c) was set aside as the basis for the penalty disappeared with the deletion of the additions. The ITAT also held that the IAC lacked jurisdiction to impose the penalty post-amendment, ultimately leading to the non-sustainability of the penalty. The ITAT concluded that without concealed income, the penalty could not be upheld, resulting in the penalty being deemed illegal and set aside. en-us Wed, 29 Mar 1978 00:00:00 +0530 Wed, 08 Dec 2010 14:35:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57096 The ITAT Amritsar ruled in favor of the assessee, deleting the addition of Rs. 20,000 as cash credit due to violations of natural justice by the ITO. The imposition of penalty under section 271(1)(c) was set aside as the basis for the penalty disappeared with the deletion of the additions. The ITAT also held that the IAC lacked jurisdiction to impose the penalty post-amendment, ultimately leading to the non-sustainability of the penalty. The ITAT concluded that without concealed income, the penalty could not be upheld, resulting in the penalty being deemed illegal and set aside. Case-Laws Income Tax Wed, 29 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57096