2007 (6) TMI 116 - HC - Income Tax

Reference Question arises whether tribunal was right in law in deleting the penalty amount on the ground that the departmental authorities were not justified in levying the penalty Held yes

Summary

The High Court of Bombay dismissed an application seeking reference on the deletion of a penalty under Section 271(1)(c) of the Income Tax Act. The Tribunal ruled that if an assessee discloses income in the return, there is no concealment, and the penalty cannot be levied. The court found no substantial question of law and dismissed the application.