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<h1>High Court cancels penalty under section 271(1)(c) for assessment year 1967-68.</h1> The High Court of Madras ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) for the assessment year 1967-68. The ... Capital Gains, Computation Of Capital, Cost Of Acquisition, Cost Of Improvement, Diversion Of Income, Income By Overriding Title The High Court of Madras ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) for the assessment year 1967-68. The Appellate Tribunal held that mere disbelief of evidence was not sufficient grounds for the penalty. The court referenced previous Supreme Court decisions to support their ruling.