1992 (8) TMI 52 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee, canceling the penalty levied under section 271(1)(c) of the Income-tax Act. The Tribunal found that the gold items allegedly recovered from the assessee's premises could not be conclusively linked to the assessee. As the assessee showed that the failure to disclose income did not result from fraud or neglect, no penalty was justified.