https://www.taxtmi.com/caselaws?id=37052 The High Court of Orissa ruled that the penalty imposed under section 271(1)(c) of the Income-tax Act was not justified in a case involving partners of a firm making gifts to their wives. The Court held that the firm, as a separate entity, could not be penalized for the partners' actions, and the penalty should not have been levied. The Court found that the partners, not the firm, were accountable for any wrongdoing, and thus, the penalty was deemed unsustainable. Justice Panda concurred with the decision, and no costs were awarded in the case. en-us Sat, 28 Jun 1980 00:00:00 +0530 Fri, 26 Mar 2010 11:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37052 The High Court of Orissa ruled that the penalty imposed under section 271(1)(c) of the Income-tax Act was not justified in a case involving partners of a firm making gifts to their wives. The Court held that the firm, as a separate entity, could not be penalized for the partners' actions, and the penalty should not have been levied. The Court found that the partners, not the firm, were accountable for any wrongdoing, and thus, the penalty was deemed unsustainable. Justice Panda concurred with the decision, and no costs were awarded in the case. Case-Laws Income Tax Sat, 28 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37052