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<h1>High Court cancels penalty under Income-tax Act for 1977-78 assessment. Assessee not liable.</h1> The High Court in Patna canceled a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1977-78. The court ruled in ... Assessed Income, Income Returned, Returned Income Less Than 80 Per Cent The High Court in Patna cancelled a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1977-78. The Tribunal found no concealment of income by the assessee, rejecting the Revenue's argument based on a Full Bench decision. The court ruled in favor of the assessee, with no costs awarded since the assessee is not pursuing the matter.