https://www.taxtmi.com/caselaws?id=19366 The High Court dismissed the Revenue's petition seeking direction to cancel a penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 1983-84. The Tribunal's decision to allow the appeal against the penalty was upheld, emphasizing that penalty proceedings are distinct from assessment proceedings. The High Court found the Tribunal's independent evaluation of evidence justified, not bound by earlier findings. The court distinguished a previous case where explanations for discrepancies were lacking, unlike in the present case. The petition was dismissed without costs awarded. en-us Fri, 07 Apr 1995 00:00:00 +0530 Thu, 05 Nov 2009 16:51:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19366 The High Court dismissed the Revenue's petition seeking direction to cancel a penalty imposed under section 271(1)(c) of the Income-tax Act for the assessment year 1983-84. The Tribunal's decision to allow the appeal against the penalty was upheld, emphasizing that penalty proceedings are distinct from assessment proceedings. The High Court found the Tribunal's independent evaluation of evidence justified, not bound by earlier findings. The court distinguished a previous case where explanations for discrepancies were lacking, unlike in the present case. The petition was dismissed without costs awarded. Case-Laws Income Tax Fri, 07 Apr 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19366