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of <h1>High Court clarifies penalty provision application for assessment year 1964-65, directs Tribunal to reassess.</h1> The High Court of Madhya Pradesh held that the Explanation to section 271(1)(c) applied in a penalty case for the assessment year 1964-65. The Tribunal ... Penalty The High Court of Madhya Pradesh held that the Explanation to section 271(1)(c) was attracted in a penalty case for assessment year 1964-65. The Tribunal should have raised the presumption under the Explanation and then determined if the assessee had proved no gross or wilful neglect. The Tribunal was not justified in canceling the penalty and must re-examine the issue. No costs were awarded for the reference. (Case citation: 1982 (4) TMI 8 - Madhya Pradesh High Court)
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