https://www.taxtmi.com/caselaws?id=10617 The Tribunal upheld the decision to cancel the penalty under section 271(1)(c) of the Income-tax Act, emphasizing the official liquidator's good faith and lack of fraudulent intent. It distinguished between the liability of the company in liquidation and the official liquidator, ruling in favor of the assessee and against the Revenue. The Tribunal found that the penalty imposition was unjustified due to the official liquidator's lack of involvement in the clandestine removal of goods by the erstwhile management. en-us Tue, 15 Feb 2005 00:00:00 +0530 Mon, 20 Jul 2009 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10617 The Tribunal upheld the decision to cancel the penalty under section 271(1)(c) of the Income-tax Act, emphasizing the official liquidator's good faith and lack of fraudulent intent. It distinguished between the liability of the company in liquidation and the official liquidator, ruling in favor of the assessee and against the Revenue. The Tribunal found that the penalty imposition was unjustified due to the official liquidator's lack of involvement in the clandestine removal of goods by the erstwhile management. Case-Laws Income Tax Tue, 15 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10617