1995 (3) TMI 33 - HC - Income Tax

Summary

The High Court of Madras dismissed the tax case petition where the Department sought a reference on penalty cancellation under section 140A(3) of the Income-tax Act, 1961. The assessee's explanation of financial difficulties for non-payment of self-assessment tax was accepted by the Commissioner and Tribunal, leading to the penalty cancellation. The Court held that no question of law arose from the Tribunal's order, and the petition was dismissed.