1991 (2) TMI 88 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee in a penalty imposition case related to the disclosure of prize money in the income tax return. The Tribunal's decision to cancel the penalty was upheld based on the disclosure made by the assessee in Part IV of the return. The court held that there was no concealment of income, and the penalty was unjustified.