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1993 (8) TMI 93 - AT - Income Tax
Extract:
.......d were made on account of urgent business necessity and there was no guilty intention or guilty mind on the part of the assessee at the time when these transactions were made, the penalties levied on the assessee also deserves to be cancelled in view of the aforesaid judgment of the Hon ble Supreme Court. 13. In the result the appealls are allowed.