https://www.taxtmi.com/caselaws?id=70517 The Tribunal allowed the assessee's appeal, canceling the penalty of Rs. 1,00,850 levied under section 271(1)(c) of the Income Tax Act for the assessment year 1970-71. The Tribunal held that the penalty was not justified as the assessee had voluntarily disclosed all investments and offered for assessment, and there was no evidence of fraud or neglect on the assessee's part in explaining the sources of investments. en-us Wed, 27 Oct 1976 00:00:00 +0530 Sat, 16 Apr 2011 15:46:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70517 The Tribunal allowed the assessee's appeal, canceling the penalty of Rs. 1,00,850 levied under section 271(1)(c) of the Income Tax Act for the assessment year 1970-71. The Tribunal held that the penalty was not justified as the assessee had voluntarily disclosed all investments and offered for assessment, and there was no evidence of fraud or neglect on the assessee's part in explaining the sources of investments. Case-Laws Income Tax Wed, 27 Oct 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70517