1998 (4) TMI 120 - HC - Income Tax

Summary

The High Court of Madhya Pradesh dismissed an application for reference under section 256(2) of the Income-tax Act, 1961. The court upheld the decision to set aside the penalty imposed on the assessee for declaring recovered money as income for a different assessment year. The Tribunal did not commit any error in accepting the income for the current year and dismissing the penalty. The application was dismissed as no question of law arose.