https://www.taxtmi.com/caselaws?id=8426 The High Court upheld the Appellate Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act on a manufacturing firm. The Tribunal found no evidence of fraud or gross negligence in the firm's income reporting process, shifting the burden of proof to the assessee. The judgment emphasized the lack of intentional wrongdoing by the firm, leading to the ruling in favor of the firm and against the tax department. en-us Tue, 24 Aug 1971 00:00:00 +0530 Wed, 15 Apr 2009 10:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8426 The High Court upheld the Appellate Tribunal's decision to cancel the penalty imposed under section 271(1)(c) of the Income-tax Act on a manufacturing firm. The Tribunal found no evidence of fraud or gross negligence in the firm's income reporting process, shifting the burden of proof to the assessee. The judgment emphasized the lack of intentional wrongdoing by the firm, leading to the ruling in favor of the firm and against the tax department. Case-Laws Income Tax Tue, 24 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8426