2001 (7) TMI 95 - HC - Income Tax

Summary

The High Court of Punjab and Haryana dismissed the appeal filed by the Revenue against the Income-tax Appellate Tribunal's decision to set aside penalties for failure to audit accounts and file returns on time for the assessment years 1989-90 and 1990-91. The Tribunal found no grounds for penalty imposition as the accounts were audited before the specified date and the delay in filing the return was due to the accountant's illness. The appeal was dismissed, and each party was left to bear their own costs.