https://www.taxtmi.com/caselaws?id=56609 The Tribunal dismissed the appeal and upheld the Commissioner (Appeals)'s decision to cancel the penalty under section 271(1)(c). It was found that the businesses did not belong to the assessee-HUF, and the failure to report correct income was not due to fraud or neglect. The additional evidence was deemed admissible, and the penalty proceedings were not justified based on the assessment findings. en-us Thu, 28 Mar 1985 00:00:00 +0530 Sat, 04 Dec 2010 18:02:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56609 The Tribunal dismissed the appeal and upheld the Commissioner (Appeals)'s decision to cancel the penalty under section 271(1)(c). It was found that the businesses did not belong to the assessee-HUF, and the failure to report correct income was not due to fraud or neglect. The additional evidence was deemed admissible, and the penalty proceedings were not justified based on the assessment findings. Case-Laws Income Tax Thu, 28 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56609