https://www.taxtmi.com/caselaws?id=19385 The High Court held in favor of the Revenue, ruling that the Appellate Tribunal erred in applying outdated legal principles from a previous case. The Court emphasized the need to consider the current legal standards post the introduction of the Explanation in 1964. The decision was made without imposing any costs, and the penalty under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65 was upheld. en-us Tue, 27 Sep 1994 00:00:00 +0530 Thu, 05 Nov 2009 17:55:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19385 The High Court held in favor of the Revenue, ruling that the Appellate Tribunal erred in applying outdated legal principles from a previous case. The Court emphasized the need to consider the current legal standards post the introduction of the Explanation in 1964. The decision was made without imposing any costs, and the penalty under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1964-65 was upheld. Case-Laws Income Tax Tue, 27 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19385