2001 (2) TMI 118 - HC - Income Tax

Summary

The High Court of Delhi considered a case regarding the cancellation of a penalty under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1965-66. The court found that the crucial date for determining the legality of the penalty imposition is the date of reference, and remanded the case back to the Tribunal to consider this aspect.