https://www.taxtmi.com/caselaws?id=57511 The Appellate Tribunal ITAT Bangalore reversed the decision of the lower authorities and canceled the penalty of Rs. 95,000 imposed under section 271(1)(c) on the assessee for unexplained possession of high-denomination notes amounting to Rs. 1,35,000. The Tribunal found that the high-denomination notes had lost their value and were no longer legal tender, leading to the justification for the penalty cancellation based on the reduced value and lack of ownership of valuable articles by the assessee at the time of penalty imposition. en-us Tue, 31 Oct 1995 00:00:00 +0530 Fri, 10 Dec 2010 15:34:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57511 The Appellate Tribunal ITAT Bangalore reversed the decision of the lower authorities and canceled the penalty of Rs. 95,000 imposed under section 271(1)(c) on the assessee for unexplained possession of high-denomination notes amounting to Rs. 1,35,000. The Tribunal found that the high-denomination notes had lost their value and were no longer legal tender, leading to the justification for the penalty cancellation based on the reduced value and lack of ownership of valuable articles by the assessee at the time of penalty imposition. Case-Laws Income Tax Tue, 31 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57511