https://www.taxtmi.com/caselaws?id=22540 The High Court affirmed the Tribunal's decision to cancel the penalty levied under section 271(1)(c) of the Income-tax Act, 1961. The Court held that the Revenue did not prove that the disputed amount constituted the assessee's income and found no evidence of fraud or gross negligence. Therefore, the penalty was cancelled in favor of the assessee. en-us Wed, 03 Apr 1991 00:00:00 +0530 Fri, 11 Dec 2009 10:52:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22540 The High Court affirmed the Tribunal's decision to cancel the penalty levied under section 271(1)(c) of the Income-tax Act, 1961. The Court held that the Revenue did not prove that the disputed amount constituted the assessee's income and found no evidence of fraud or gross negligence. Therefore, the penalty was cancelled in favor of the assessee. Case-Laws Income Tax Wed, 03 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22540