1976 (3) TMI 61 - AT - Income Tax

Summary

The Appellate Tribunal ITAT ALLAHABAD ruled in favor of the assessee in an appeal against a penalty imposed under section 271(1)(c) of the IT Act, 1961 for the assessment year 1971-72. The Tribunal canceled the penalty as it was not justified, stating that the additions made in the trading account and cash credit did not constitute concealed income. The penalty of Rs. 5,000 was canceled and the appeal was allowed.