https://www.taxtmi.com/caselaws?id=14502 The Tribunal cancelled the penalty of Rs. 35,000 imposed by the Inspecting Assistant Commissioner under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the Explanation to the section was discharged by the assessee, leading to the penalty's cancellation. The High Court directed a rehearing due to discrepancies in the Tribunal's analysis and emphasized reconsideration based on Supreme Court precedents, remitting the matter back to the Tribunal for a fresh review. en-us Mon, 18 Sep 2000 00:00:00 +0530 Thu, 16 Jul 2009 12:33:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14502 The Tribunal cancelled the penalty of Rs. 35,000 imposed by the Inspecting Assistant Commissioner under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the Explanation to the section was discharged by the assessee, leading to the penalty's cancellation. The High Court directed a rehearing due to discrepancies in the Tribunal's analysis and emphasized reconsideration based on Supreme Court precedents, remitting the matter back to the Tribunal for a fresh review. Case-Laws Income Tax Mon, 18 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14502