https://www.taxtmi.com/caselaws?id=39370 The Income-tax Appellate Tribunal canceled penalties imposed under section 271(1)(c) of the Income-tax Act on an assessee dealing in mill-made cloth. The Tribunal found no gross negligence on the assessee's part and that the levy of penalties was unsustainable. Citing relevant case law, including Hindustan Steel Ltd. v. State of Orissa, the Tribunal's decision to cancel penalties was upheld by the High Court, which referenced decisions from other High Courts supporting the Tribunal's stance. The High Court found the cancellation of penalties justified within the legal framework, with no costs awarded in the judgment. en-us Wed, 31 Mar 1976 00:00:00 +0530 Fri, 16 Apr 2010 10:38:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39370 The Income-tax Appellate Tribunal canceled penalties imposed under section 271(1)(c) of the Income-tax Act on an assessee dealing in mill-made cloth. The Tribunal found no gross negligence on the assessee's part and that the levy of penalties was unsustainable. Citing relevant case law, including Hindustan Steel Ltd. v. State of Orissa, the Tribunal's decision to cancel penalties was upheld by the High Court, which referenced decisions from other High Courts supporting the Tribunal's stance. The High Court found the cancellation of penalties justified within the legal framework, with no costs awarded in the judgment. Case-Laws Income Tax Wed, 31 Mar 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39370