1984 (9) TMI 128 - AT - Income Tax

Summary

The ITAT Indore heard an assessee's appeal against a penalty under s. 271(1)(c) for concealing income. The penalty was reduced by the AAC but later restored by the Tribunal. The Tribunal found that the assessee had discharged the burden of proof by examining the creditor, and since the Department did not provide evidence that the cash credit represented concealed income, the penalty was canceled. The appeal was allowed, and the penalty was canceled. (Case Citation: 1984 (9) TMI 128 - ITAT INDORE)