https://www.taxtmi.com/caselaws?id=36822 The High Court upheld the Tribunal's decision to cancel the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the Tribunal correctly applied the law, considered all evidence, and concluded that no penalty should be imposed due to the lack of positive evidence from the revenue. The Court dismissed the revenue's contention of perversity in the Tribunal's decision, emphasizing that the Tribunal's finding was based on a correct application of legal principles and factual evidence. en-us Wed, 10 Oct 1979 00:00:00 +0530 Wed, 24 Mar 2010 17:43:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36822 The High Court upheld the Tribunal's decision to cancel the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act, 1961. The Court found that the Tribunal correctly applied the law, considered all evidence, and concluded that no penalty should be imposed due to the lack of positive evidence from the revenue. The Court dismissed the revenue's contention of perversity in the Tribunal's decision, emphasizing that the Tribunal's finding was based on a correct application of legal principles and factual evidence. Case-Laws Income Tax Wed, 10 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36822