2000 (3) TMI 14 - HC - Income Tax

Summary

The High Court of Bombay dismissed the Department's appeal against the Tribunal's decision to delete the penalty under section 271(1)(c) of the Income Tax Act, 1961. The case involved an assessee who retired from a firm and received cash in lieu of distribution rights of films. The Tribunal found no concealment as the assessee believed the amount was not taxable when filing original returns and revised returns were filed under persuasion by the Assessing Officer. The appeal was dismissed as no substantial question of law arose.