1994 (4) TMI 42 - HC - Income Tax

Summary

The High Court dismissed the Revenue's request for a question of law from the Income-tax Appellate Tribunal regarding the cancellation of a penalty of Rs. 4,53,990 under section 271(1)(c). The Tribunal's decision to cancel the penalty was upheld because the additions made by the Income-tax Officer were deleted and the matter was not taken to the apex court. As there was no liability to tax, the penalty was not justified. The reference application was dismissed.