https://www.taxtmi.com/caselaws?id=60736 The Tribunal overturned penalties imposed by the ITO under section 271(1)(c) of the IT Act for the assessment years 1965-66 and 1966-67. Despite the assessee's failure to fully substantiate the source of investments, the Tribunal held that the Department did not conclusively prove concealment beyond reasonable doubt. Relying on Supreme Court precedents, the Tribunal emphasized the Department's burden to establish disputed receipts as taxable income. Consequently, the penalties were canceled, and both appeals were allowed in favor of the assessee. en-us Fri, 06 Nov 1981 00:00:00 +0530 Fri, 07 Jan 2011 18:20:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60736 The Tribunal overturned penalties imposed by the ITO under section 271(1)(c) of the IT Act for the assessment years 1965-66 and 1966-67. Despite the assessee's failure to fully substantiate the source of investments, the Tribunal held that the Department did not conclusively prove concealment beyond reasonable doubt. Relying on Supreme Court precedents, the Tribunal emphasized the Department's burden to establish disputed receipts as taxable income. Consequently, the penalties were canceled, and both appeals were allowed in favor of the assessee. Case-Laws Income Tax Fri, 06 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60736