https://www.taxtmi.com/caselaws?id=55631 The Tribunal set aside the penalty order imposed under Section 271(1)(c) of the Income Tax Act, 1961, as the appellant successfully demonstrated the absence of fraud or gross neglect in not disclosing the correct income. The penalty of Rs. 2,72,000 was canceled, and the appeal was allowed. en-us Thu, 11 Feb 1988 00:00:00 +0530 Mon, 29 Nov 2010 11:07:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55631 The Tribunal set aside the penalty order imposed under Section 271(1)(c) of the Income Tax Act, 1961, as the appellant successfully demonstrated the absence of fraud or gross neglect in not disclosing the correct income. The penalty of Rs. 2,72,000 was canceled, and the appeal was allowed. Case-Laws Income Tax Thu, 11 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55631