2000 (9) TMI 40 - HC - Income Tax

Summary

The High Court of Punjab and Haryana overturned the Income-tax Appellate Tribunal's decision to delete a penalty under section 271(1)(c) amounting to Rs. 45,595. The Court found that the Tribunal did not consider the provisions of Explanation 1 to section 271(1)(c) correctly, which shifts the burden of proof onto the assessee. The appeal was allowed, and the penalty was reinstated by setting aside the Tribunal's order.