https://www.taxtmi.com/caselaws?id=57157 The Appellate Tribunal ITAT Amritsar ruled in favor of the assessee in a penalty imposition case under section 271(1)(c) for the assessment year 1975-76. The Tribunal found that the rejection of the assessee's explanation alone was not sufficient to justify the penalty, emphasizing the need to establish conscious concealment or furnishing of inaccurate particulars. As the explanation provided was not proven false but merely not accepted, the Tribunal concluded that the penalty lacked a basis for establishing concealment or the investment as the assessee's income. Therefore, the penalty order was canceled, and the assessee's appeal was allowed. en-us Fri, 01 Jan 1982 00:00:00 +0530 Wed, 08 Dec 2010 16:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57157 The Appellate Tribunal ITAT Amritsar ruled in favor of the assessee in a penalty imposition case under section 271(1)(c) for the assessment year 1975-76. The Tribunal found that the rejection of the assessee's explanation alone was not sufficient to justify the penalty, emphasizing the need to establish conscious concealment or furnishing of inaccurate particulars. As the explanation provided was not proven false but merely not accepted, the Tribunal concluded that the penalty lacked a basis for establishing concealment or the investment as the assessee's income. Therefore, the penalty order was canceled, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 01 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57157