https://www.taxtmi.com/caselaws?id=26183 The High Court ruled against the assessee, directing the Tribunal to reassess whether the assessee had proven the absence of fraud or gross neglect in reporting income. If unsatisfied, the Tribunal should apply penalty under section 271(1)(c) of the Income-tax Act. The assessee was instructed to pay the costs of the reference to the Revenue. en-us Tue, 24 Sep 1985 00:00:00 +0530 Wed, 03 Feb 2010 13:14:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26183 The High Court ruled against the assessee, directing the Tribunal to reassess whether the assessee had proven the absence of fraud or gross neglect in reporting income. If unsatisfied, the Tribunal should apply penalty under section 271(1)(c) of the Income-tax Act. The assessee was instructed to pay the costs of the reference to the Revenue. Case-Laws Income Tax Tue, 24 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26183