1998 (12) TMI 75 - HC - Income Tax

Summary

The High Court of Kerala upheld the penalty under section 271(1)(a) of the Income-tax Act, 1961 on a petitioner-firm for inordinate delay in filing the return. The petitioner's explanation for the delay was deemed unacceptable as the claimed loss was from individual partners' business, not the firm's. The court found no error in the authorities' reasoning and dismissed the petition. (Case Citation: 1998 (12) TMI 75 - Kerala High Court)