1996 (4) TMI 50 - HC - Income Tax

Summary

The High Court of Madhya Pradesh dismissed the application under section 256(2) of the Income-tax Act, 1961, seeking a direction to refer a proposed question regarding the cancellation of penalty under section 271(1)(c). The Tribunal found no concealment and held the penalty not leviable. The court concluded that there was no concealment and the claim for deduction was made in good faith, therefore, no question of law arises. The application was dismissed with no costs.