1996 (4) TMI 73 - HC - Income Tax

Summary

The High Court in Patna cancelled a penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 for the assessment year 1977-78. The Tribunal found no concealment of income by the assessee, rejecting the Revenue's argument based on a Full Bench decision. The court ruled in favor of the assessee, with no costs awarded since the assessee is not pursuing the matter.