Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 1976 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1976 (10) TMI 70 - ITAT MADRAS-DExtract: .......s of the case clearly indicate that the Explanation to s. 271(1)(c) of the Act cannot be invoked. Under such circumstances, we find that even the Explanation is not applicable and hence the penalty levied by the I.A.C. cannot be sustained. 7. In the result, the assessee rsquo s appeal is allowed and the levy of penalty of Rs. 1,00,850 is cancelled.
|