https://www.taxtmi.com/caselaws?id=12851 The High Court directed the Tribunal to rehear the appeals for the assessment years 1963-64, 1965-66, and 1966-67, emphasizing the need for the assessee to prove no fraud or negligence in not reporting correct income. Penalties imposed on the assessee under section 271(1)(c) of the Income-tax Act were canceled as the Tribunal found no evidence of fraud or negligence. The Tribunal was instructed to reconsider the matter in light of the relevant provisions of the Act. en-us Tue, 07 Aug 2001 00:00:00 +0530 Fri, 22 May 2009 15:18:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12851 The High Court directed the Tribunal to rehear the appeals for the assessment years 1963-64, 1965-66, and 1966-67, emphasizing the need for the assessee to prove no fraud or negligence in not reporting correct income. Penalties imposed on the assessee under section 271(1)(c) of the Income-tax Act were canceled as the Tribunal found no evidence of fraud or negligence. The Tribunal was instructed to reconsider the matter in light of the relevant provisions of the Act. Case-Laws Income Tax Tue, 07 Aug 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12851