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2001 (10) TMI 76 - KARNATAKA HIGH COURT
Extract:
.......n the basis of seizures and disclosures made in the course of the search proceedings. Our answer to the question referred by the Tribunal is therefore in the negative. The Income-tax Appellate Tribunal was not in our view justified in cancelling the penalty levied upon the petitioners under section 271(1)(c). The references disposed of accordingly.