1990 (10) TMI 21 - HC - Income Tax

Summary

The High Court of Patna canceled the penalty imposed on the assessee for the assessment year 1969-70 under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal found that the claim for deduction of interest on loans was justified and not a case of concealment of income. The reference was answered in favor of the assessee. The parties will bear their own costs. The judgment will be sent to the Assistant Registrar, Income-tax Appellate Tribunal, Patna.