1990 (8) TMI 104 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee in a penalty case under section 271(1)(c) of the Income-tax Act. The Tribunal found that the assessee had discharged the burden of proof and canceled the penalty of Rs. 20,000 imposed by the Inspecting Assistant Commissioner. The court upheld the Tribunal's decision, stating that the penalty was not valid as the assessee's return was supported by his books of account.