https://www.taxtmi.com/caselaws?id=25870 The High Court held that the Income-tax Officer could consider additional facts noticed by the Appellate Assistant Commissioner regarding unexplained capital accretion in penalty proceedings, provided the assessee was given notice and an opportunity to be heard. The court upheld the Tribunal's findings that there was no fraud or wilful neglect by the assessee and that there was no concealment of income, leading to the cancellation of the penalty imposed under section 271(1)(c). en-us Tue, 26 Aug 1986 00:00:00 +0530 Mon, 01 Feb 2010 13:48:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25870 The High Court held that the Income-tax Officer could consider additional facts noticed by the Appellate Assistant Commissioner regarding unexplained capital accretion in penalty proceedings, provided the assessee was given notice and an opportunity to be heard. The court upheld the Tribunal's findings that there was no fraud or wilful neglect by the assessee and that there was no concealment of income, leading to the cancellation of the penalty imposed under section 271(1)(c). Case-Laws Income Tax Tue, 26 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25870