https://www.taxtmi.com/caselaws?id=60320 The tribunal canceled the penalty of Rs. 68,775 imposed under section 271(1)(c) of the Income-tax Act, in favor of the assessee. The decision was based on the lack of independent findings in the penalty order, the bona fide nature of the assessee's explanation, and the failure of the ITO to verify the genuineness of the cash subscriptions during the penalty proceedings. en-us Wed, 21 Dec 1994 00:00:00 +0530 Tue, 04 Jan 2011 16:37:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60320 The tribunal canceled the penalty of Rs. 68,775 imposed under section 271(1)(c) of the Income-tax Act, in favor of the assessee. The decision was based on the lack of independent findings in the penalty order, the bona fide nature of the assessee's explanation, and the failure of the ITO to verify the genuineness of the cash subscriptions during the penalty proceedings. Case-Laws Income Tax Wed, 21 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60320