https://www.taxtmi.com/caselaws?id=61485 The Tribunal allowed all five appeals filed by the assessee, canceling the penalties imposed under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment years 1974-75 to 1978-79. The penalties were overturned due to the incorrect application of statutory provisions by the Assessing Officer and CIT(A). The Tribunal found no material evidence of fraud, gross negligence, or willful neglect by the assessee, concluding that no case of concealment was established for any of the years in question. en-us Thu, 30 Oct 2003 00:00:00 +0530 Wed, 12 Jan 2011 17:37:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61485 The Tribunal allowed all five appeals filed by the assessee, canceling the penalties imposed under Section 271(1)(c) of the Income Tax Act, 1961 for the assessment years 1974-75 to 1978-79. The penalties were overturned due to the incorrect application of statutory provisions by the Assessing Officer and CIT(A). The Tribunal found no material evidence of fraud, gross negligence, or willful neglect by the assessee, concluding that no case of concealment was established for any of the years in question. Case-Laws Income Tax Thu, 30 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61485