https://www.taxtmi.com/caselaws?id=57725 Penalty under section 271(1)(c) is not sustainable where the assessee has disclosed all material facts, given an explanation for cash credits, and the explanation is not shown to be false after enquiry. On these facts, mere inability to further substantiate the explanation does not trigger deemed concealment under Explanation 1 when the proviso applies. The cancellation of the penalty followed because the addition, by itself, did not establish concealment or deemed concealment. en-us Fri, 30 Jan 1987 00:00:00 +0530 Mon, 13 Dec 2010 11:45:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57725 Penalty under section 271(1)(c) is not sustainable where the assessee has disclosed all material facts, given an explanation for cash credits, and the explanation is not shown to be false after enquiry. On these facts, mere inability to further substantiate the explanation does not trigger deemed concealment under Explanation 1 when the proviso applies. The cancellation of the penalty followed because the addition, by itself, did not establish concealment or deemed concealment. Case-Laws Income Tax Fri, 30 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57725