https://www.taxtmi.com/caselaws?id=62453 The Tribunal held that the penalties imposed under Section 271(1)(c) of the Income Tax Act were not justified as the assessee had discharged the initial burden under the Explanation to the section. The Tribunal emphasized that the Income Tax Officer did not adequately consider the facts and explanations on record. Consequently, the penalties were cancelled, and both appeals were allowed. en-us Mon, 31 Jul 1978 00:00:00 +0530 Wed, 19 Jan 2011 18:53:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62453 The Tribunal held that the penalties imposed under Section 271(1)(c) of the Income Tax Act were not justified as the assessee had discharged the initial burden under the Explanation to the section. The Tribunal emphasized that the Income Tax Officer did not adequately consider the facts and explanations on record. Consequently, the penalties were cancelled, and both appeals were allowed. Case-Laws Income Tax Mon, 31 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62453