https://www.taxtmi.com/caselaws?id=181045 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act, finding that the provisions were not attracted in the case. Regarding the addition under section 68 of the Act, the Tribunal held that the assessee's explanation was bona fide, and the High Court directed a reference on the assessability of the sum received as income. Ultimately, the Tribunal allowed the appeal and canceled the penalty imposed under section 271(1)(c) of the Act. en-us Mon, 30 Jan 1989 00:00:00 +0530 Wed, 06 Apr 2016 12:49:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181045 The Tribunal canceled the penalty imposed under section 271(1)(c) of the Income Tax Act, finding that the provisions were not attracted in the case. Regarding the addition under section 68 of the Act, the Tribunal held that the assessee's explanation was bona fide, and the High Court directed a reference on the assessability of the sum received as income. Ultimately, the Tribunal allowed the appeal and canceled the penalty imposed under section 271(1)(c) of the Act. Case-Laws Income Tax Mon, 30 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181045