https://www.taxtmi.com/caselaws?id=28848 The High Court of Patna ruled in favor of the assessee regarding penalty imposition under section 271(1)(c) of the Income Tax Act for the assessment years 1964-65 and 1965-66. The court found the Explanation to section 271(1)(c) was not applicable as the assessee's explanations were not proven false, leading to the cancellation of penalties imposed by the Income-tax Appellate Commissioner. The court emphasized the need for a high standard of proof for positive facts and conclusive evidence of fraud by Revenue authorities. The judgment highlighted the importance of thorough assessment and adherence to legal standards in determining penalties post-insertion of the Explanation. en-us Wed, 01 Dec 1982 00:00:00 +0530 Mon, 08 Mar 2010 11:22:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28848 The High Court of Patna ruled in favor of the assessee regarding penalty imposition under section 271(1)(c) of the Income Tax Act for the assessment years 1964-65 and 1965-66. The court found the Explanation to section 271(1)(c) was not applicable as the assessee's explanations were not proven false, leading to the cancellation of penalties imposed by the Income-tax Appellate Commissioner. The court emphasized the need for a high standard of proof for positive facts and conclusive evidence of fraud by Revenue authorities. The judgment highlighted the importance of thorough assessment and adherence to legal standards in determining penalties post-insertion of the Explanation. Case-Laws Income Tax Wed, 01 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28848