1988 (11) TMI 46 - HC - Income Tax

Summary

The High Court held that the Tribunal was right in canceling the penalty imposed on the assessee under section 271(1)(c) of the Income-tax Act. The Tribunal accepted the explanations provided by the assessee regarding additions made during assessment proceedings, leading to the cancellation of the penalty. The court referred to the Supreme Court's ruling in CIT v. Mussadilal Ram Bharose [1987] 165 ITR 14 to support its decision.