https://www.taxtmi.com/caselaws?id=36926 The High Court upheld the Tribunal's decision to cancel penalties imposed under section 271(1)(c) for assessment years 1962-63 and 1963-64. The Court found that the firm's consent to penalties was based on a misunderstanding, with no wilful negligence or concealment of income. The mere acceptance of additions to income or offering false explanations during assessment does not automatically justify penalties. The Court ruled in favor of the assessee, stating the Tribunal's decision was legally correct, and no costs were awarded. en-us Fri, 10 Aug 1979 00:00:00 +0530 Thu, 25 Mar 2010 13:47:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36926 The High Court upheld the Tribunal's decision to cancel penalties imposed under section 271(1)(c) for assessment years 1962-63 and 1963-64. The Court found that the firm's consent to penalties was based on a misunderstanding, with no wilful negligence or concealment of income. The mere acceptance of additions to income or offering false explanations during assessment does not automatically justify penalties. The Court ruled in favor of the assessee, stating the Tribunal's decision was legally correct, and no costs were awarded. Case-Laws Income Tax Fri, 10 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36926