https://www.taxtmi.com/caselaws?id=55672 The Tribunal held that penalty under section 271(1)(c) was not applicable as the assessment resulted in a loss, overturning the penalty of Rs. 1 lakh imposed on the assessee for the assessment year 1985-86. The penalty order was quashed, and the assessee's appeal was allowed. en-us Wed, 10 Feb 1993 00:00:00 +0530 Mon, 29 Nov 2010 13:21:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55672 The Tribunal held that penalty under section 271(1)(c) was not applicable as the assessment resulted in a loss, overturning the penalty of Rs. 1 lakh imposed on the assessee for the assessment year 1985-86. The penalty order was quashed, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 10 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55672