https://www.taxtmi.com/caselaws?id=9552 The High Court upheld the Tribunal's decision, ruling in favor of the assessee and against the Revenue. The Court found that the high denomination notes found in possession of the assessee were valueless and did not constitute unexplained money. Therefore, the penalty under section 271(1)(c) of the Income-tax Act was canceled. en-us Mon, 16 Jan 2006 00:00:00 +0530 Sat, 27 Jun 2009 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9552 The High Court upheld the Tribunal's decision, ruling in favor of the assessee and against the Revenue. The Court found that the high denomination notes found in possession of the assessee were valueless and did not constitute unexplained money. Therefore, the penalty under section 271(1)(c) of the Income-tax Act was canceled. Case-Laws Income Tax Mon, 16 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9552