https://www.taxtmi.com/caselaws?id=36611 The High Court upheld the Tribunal's decision to set aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The court found that the revenue failed to establish concealment of income or negligence by the assessee. The Explanation to section 271(1)(c) was deemed inapplicable as the conditions for its application were not met. Consequently, the court ruled in favor of the assessee, concluding that no further inquiry was necessary. en-us Fri, 22 Sep 1978 00:00:00 +0530 Tue, 23 Mar 2010 13:39:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36611 The High Court upheld the Tribunal's decision to set aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The court found that the revenue failed to establish concealment of income or negligence by the assessee. The Explanation to section 271(1)(c) was deemed inapplicable as the conditions for its application were not met. Consequently, the court ruled in favor of the assessee, concluding that no further inquiry was necessary. Case-Laws Income Tax Fri, 22 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36611