1999 (11) TMI 22 - HC - Income Tax

Summary

The High Court of Allahabad dismissed an appeal against the cancellation of a penalty under section 271B of the Income-tax Act, 1961. The penalty was levied for not furnishing an audit report before the specified date, but the court found that the obligation was only to procure the report by the date, not to submit it to the Assessing Officer. The court upheld the decision of the Commissioner (Appeals) and the Tribunal, stating that no substantial question of law was involved.