https://www.taxtmi.com/caselaws?id=29122 The High Court ruled in favor of the assessee, affirming the ITAT's decision to annul the penalty imposed under section 271(1)(c) for the assessment year 1964-65. The Court emphasized the absence of fraud or gross neglect by the assessee, as there was no evidence of sales suppression or purchase inflation. Highlighting the importance of maintaining accurate accounts and lack of manipulation, the Court rejected the penalty, distinguishing the case from previous instances where penalties were upheld. en-us Wed, 20 Jan 1982 00:00:00 +0530 Thu, 11 Mar 2010 10:19:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29122 The High Court ruled in favor of the assessee, affirming the ITAT's decision to annul the penalty imposed under section 271(1)(c) for the assessment year 1964-65. The Court emphasized the absence of fraud or gross neglect by the assessee, as there was no evidence of sales suppression or purchase inflation. Highlighting the importance of maintaining accurate accounts and lack of manipulation, the Court rejected the penalty, distinguishing the case from previous instances where penalties were upheld. Case-Laws Income Tax Wed, 20 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29122