1989 (2) TMI 84 - HC - Income Tax

Summary

The High Court of Madhya Pradesh was asked to decide if the Tribunal was right in deleting a penalty imposed on an assessee for filing a return late. The Tribunal found reasonable cause for the delay due to issues with finalizing firm accounts. The High Court declined to answer the question, stating it was a factual finding. The penalty was deleted, and each party will bear their own costs. (Case Citation: 1989 (2) TMI 84 - MADHYA PRADESH High Court)