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of <h1>Court cancels penalty of Rs. 9,000 under Income-tax Act</h1> The High Court of Allahabad ruled in favor of the assessee in a penalty case under section 271(1)(c) of the Income-tax Act, 1961. The penalty of Rs. 9,000 ... Penalty The High Court of Allahabad ruled in favor of the assessee in a penalty case under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal negatived the grounds for penalty imposed by the Inspecting Assistant Commissioner, and the Court found no error in the Tribunal's approach. The penalty of Rs. 9,000 was canceled, and the judgment favored the assessee against the Revenue.
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