Penalty U/s. 271(1)(c) cannot be imposed for receipt of payment against transaction made by husband, of which she had no knowledge

CIT Vs Madhuri Satish Misal (Bombay High Court) Heard Mr. Sham Walve, appearing for the Revenue in support of this appeal. The only question proposed by the Revenue as substantial question of law appears at page 7, para 5(A). It reads thus :– “Whether on the facts and in the circumstances of the case and in law, the Honourable ITAT was correct in deleting the penalty levied under section 271(1)(c) of the Act with respect to additions on account of interest on FDRs with Dena Bank and TDR sale receipts when the said incomes were detected by the assessing officer on examination of books of ac...