1994 (1) TMI 64 - HC - Income Tax

Capital Gains, Computation Of Capital, Cost Of Acquisition, Cost Of Improvement, Diversion Of Income, Income By Overriding Title

Summary

The High Court of Madras ruled in favor of the assessee, canceling the penalty imposed under section 271(1)(c) for the assessment year 1967-68. The Appellate Tribunal held that mere disbelief of evidence was not sufficient grounds for the penalty. The court referenced previous Supreme Court decisions to support their ruling.