1995 (2) TMI 18 - HC - Income Tax

Summary

The High Court of Madras considered a case involving penalty orders under section 271(1)(c) of the Income-tax Act, 1961. The Appellate Tribunal set aside the penalty order passed by the Inspecting Assistant Commissioner and remitted the matter for fresh consideration after an appeal was disposed of by the Appellate Assistant Commissioner. The High Court upheld the Tribunal's decision, ruling in favor of the assessee and imposing costs of Rs. 500 on the Department.