2007 (3) TMI 227 - HC - Income Tax

Summary

The Bombay High Court considered whether the Tribunal was right in canceling penalties under section 271(1)(c) of the Income-tax Act, 1961, for assessments made under the amnesty scheme. The Court found that the amnesty scheme did not apply due to a search operation at the assessee's business premises. The Court allowed the applications and directed the Tribunal to forward the case statement promptly. No costs were awarded.