https://www.taxtmi.com/caselaws?id=22607 The High Court ruled in favor of the assessee, holding that the Tribunal correctly canceled the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee successfully rebutted the presumption by providing evidence and that the penalty order was vitiated due to the lack of opportunity for cross-examination, violating principles of natural justice. The Court emphasized the importance of substantial evidence and adherence to natural justice principles in penalty proceedings, ultimately ruling against the Revenue. en-us Mon, 05 Jun 1989 00:00:00 +0530 Fri, 11 Dec 2009 13:49:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22607 The High Court ruled in favor of the assessee, holding that the Tribunal correctly canceled the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the assessee successfully rebutted the presumption by providing evidence and that the penalty order was vitiated due to the lack of opportunity for cross-examination, violating principles of natural justice. The Court emphasized the importance of substantial evidence and adherence to natural justice principles in penalty proceedings, ultimately ruling against the Revenue. Case-Laws Income Tax Mon, 05 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22607