https://www.taxtmi.com/caselaws?id=21367 The High Court ruled in favor of the Revenue, overturning the Appellate Tribunal's decision to delete the addition of Rs. 2,32,750 and cancel the penalty of Rs. 35,000 under section 271(1)(c). The Court found that the Tribunal's conclusions were not supported by the evidence, determining that the amounts in question represented profits rather than liabilities. Consequently, the High Court held that the penalty was justified, and the Revenue was entitled to costs. en-us Thu, 03 Jan 1991 00:00:00 +0530 Sat, 21 Nov 2009 17:48:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21367 The High Court ruled in favor of the Revenue, overturning the Appellate Tribunal's decision to delete the addition of Rs. 2,32,750 and cancel the penalty of Rs. 35,000 under section 271(1)(c). The Court found that the Tribunal's conclusions were not supported by the evidence, determining that the amounts in question represented profits rather than liabilities. Consequently, the High Court held that the penalty was justified, and the Revenue was entitled to costs. Case-Laws Income Tax Thu, 03 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21367