1992 (8) TMI 54 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee, canceling the penalty of Rs. 5,000 imposed under section 271(1)(c) of the Income-tax Act, 1961. The penalty was levied based on an addition of Rs. 29,673 made by the Income-tax Officer, which was later deleted by the Appellate Tribunal. The court found that since the addition was deleted, the penalty could not be sustained.