Petition allowed; proceedings under section 74 require recorded fraud finding, penalties under sections 130(3)/122 unsustainable without it

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....The HC allowed the petition and set aside the impugned appellate decision to the extent it refused complete relief to the petitioner. The court held that initiation of proceedings under section 74 requires a recorded finding of fraud, mis-statement or suppression of fact with intent to evade tax, which is absent on the record; accordingly proceedings framed and penalties levied under section 130(3) read with section 122 could not be sustained insofar as they relied on section 74-type allegations. The matter was remitted for reassessment limited to available findings, and any enhanced liability attributable to non-fraudulent discrepancies was confined to the reduced quantum previously accepted.....