https://www.taxtmi.com/caselaws?id=28587 The High Court of BOMBAY heard an appeal involving the assessment of total income of a wholesale dealer in plantains, which was initially returned at Rs. 33,215 but assessed at Rs. 99,600 after rejection of book results. The Income-tax Appellate Tribunal set aside the penalty order under section 271(1)(c) initiated by the Income Tax Officer, ruling that the rejection of book results did not imply gross neglect or fraud by the assessee. The High Court held that the penalty imposed was not justified, directing the Commissioner to bear the costs of the reference. en-us Fri, 12 Feb 1982 00:00:00 +0530 Tue, 23 Feb 2010 18:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28587 The High Court of BOMBAY heard an appeal involving the assessment of total income of a wholesale dealer in plantains, which was initially returned at Rs. 33,215 but assessed at Rs. 99,600 after rejection of book results. The Income-tax Appellate Tribunal set aside the penalty order under section 271(1)(c) initiated by the Income Tax Officer, ruling that the rejection of book results did not imply gross neglect or fraud by the assessee. The High Court held that the penalty imposed was not justified, directing the Commissioner to bear the costs of the reference. Case-Laws Income Tax Fri, 12 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28587