1996 (7) TMI 6 - HC - Income Tax

Summary

The High Court of Bombay partially allowed the petition challenging the Commissioner of Income-tax's order dated March 25, 1996, under section 273A(1) of the Income-tax Act, 1961. The court set aside the penalty but upheld the interest charges waiver. The petitioner voluntarily disclosed income before detection, justifying penalty waiver. The order was modified to waive penalty only.