https://www.taxtmi.com/caselaws?id=16303 The Appellate Tribunal was justified in canceling the penalties imposed under section 271(1)(c) for the assessment years 1960-61 and 1963-64 due to the deletion of income from the Bombay firm in the quantum appeals. The High Court remitted the matter back to the Appellate Tribunal for reconsideration in light of its direction regarding the genuineness of the Bombay firm, emphasizing the need for an independent finding on the propriety of levying the penalties. The High Court did not provide a definitive answer to the legal question referred, opting instead to have the Tribunal conduct a fresh review. en-us Mon, 10 Nov 1997 00:00:00 +0530 Sat, 05 Sep 2009 17:54:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16303 The Appellate Tribunal was justified in canceling the penalties imposed under section 271(1)(c) for the assessment years 1960-61 and 1963-64 due to the deletion of income from the Bombay firm in the quantum appeals. The High Court remitted the matter back to the Appellate Tribunal for reconsideration in light of its direction regarding the genuineness of the Bombay firm, emphasizing the need for an independent finding on the propriety of levying the penalties. The High Court did not provide a definitive answer to the legal question referred, opting instead to have the Tribunal conduct a fresh review. Case-Laws Income Tax Mon, 10 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16303