1999 (7) TMI 22 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled in a case where penalties were imposed on an assessee for not filing audit reports. The Tribunal found that the audit report was indeed filed, and the penalties were deemed illegal and barred by limitation. The Revenue's attempt to challenge this was rejected by the Court, criticizing the Revenue for prolonging the litigation unnecessarily and emphasizing the need for a more taxpayer-friendly approach. The Court dismissed the Revenue's application as frivolous and directed the Registrar to inform the Chief Commissioner of Income-tax, Bhopal, for appropriate action.