Supreme Court Restores Tribunal's Decision in Income Tax Penalty Case — No Penalty Exigible. The Tribunal's findings were upheld as not perverse, and the penalty under Section 271(1)(c) was deemed not applicable....
The case involved appeals filed by the assessee against the High Court's order which set aside the Tribunal's decision regarding the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961...




