1996 (7) TMI 23 - HC - Income Tax

Summary

The High Court of Madhya Pradesh upheld a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961, on an assessee-firm for failure to comply with income assessment notices. The penalty of Rs. 15,050 was found justified despite an argument regarding the use of an unamended provision by the Income-tax Officer. The court ruled in favor of the Revenue and against the assessee.