https://www.taxtmi.com/caselaws?id=31145 The High Court upheld the Tribunal's decision to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for surrendering income related to unexplained investment in excess stock of sarson. The Court found that the Assessing Officer had not verified the stock from the books of account, no unexplained investment was made for the purchase of sarson, and the genuineness of the transaction was supported by affidavits from agriculturists. Consequently, the Court dismissed the revenue's appeal, stating that no questions of law arose in the case. en-us Fri, 11 Apr 2008 00:00:00 +0530 Mon, 20 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31145 The High Court upheld the Tribunal's decision to cancel the penalty imposed under Section 271(1)(c) of the Income Tax Act on the assessee for surrendering income related to unexplained investment in excess stock of sarson. The Court found that the Assessing Officer had not verified the stock from the books of account, no unexplained investment was made for the purchase of sarson, and the genuineness of the transaction was supported by affidavits from agriculturists. Consequently, the Court dismissed the revenue's appeal, stating that no questions of law arose in the case. Case-Laws Income Tax Fri, 11 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31145