https://www.taxtmi.com/caselaws?id=36484 Outcome: The High Court held that the Tribunal was not justified in canceling the penalties imposed under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment years 1957-58 and 1961-62. The Court directed the Tribunal to reconsider the quantum of the penalty in accordance with the law laid down by the Supreme Court. The decision favored the revenue, requiring the assessee to pay the penalties and bear the costs. en-us Wed, 30 Apr 1980 00:00:00 +0530 Mon, 22 Mar 2010 15:46:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36484 Outcome: The High Court held that the Tribunal was not justified in canceling the penalties imposed under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment years 1957-58 and 1961-62. The Court directed the Tribunal to reconsider the quantum of the penalty in accordance with the law laid down by the Supreme Court. The decision favored the revenue, requiring the assessee to pay the penalties and bear the costs. Case-Laws Income Tax Wed, 30 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36484