https://www.taxtmi.com/caselaws?id=27208 The High Court directed the Tribunal to refer questions of law regarding penalty cancellation under the Explanation to Section 271(1)(c) of the Income-tax Act. It considered the implications of subsequent events like raid and seizure, emphasizing that unless linked to the assessment years, seized money should be deemed income of the year found. The Court also evaluated income assessments from property, chemist shop, and liquor business, finding inadvertent omissions and accepting income estimates. The Tribunal's differing findings in penalty and quantum appeals raised legal questions about reasonableness and burden of proof, leading to a direction for the Tribunal to address these issues. en-us Fri, 22 Apr 1983 00:00:00 +0530 Thu, 11 Feb 2010 15:11:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27208 The High Court directed the Tribunal to refer questions of law regarding penalty cancellation under the Explanation to Section 271(1)(c) of the Income-tax Act. It considered the implications of subsequent events like raid and seizure, emphasizing that unless linked to the assessment years, seized money should be deemed income of the year found. The Court also evaluated income assessments from property, chemist shop, and liquor business, finding inadvertent omissions and accepting income estimates. The Tribunal's differing findings in penalty and quantum appeals raised legal questions about reasonableness and burden of proof, leading to a direction for the Tribunal to address these issues. Case-Laws Income Tax Fri, 22 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27208