1988 (12) TMI 103 - HC - Income Tax

Summary

The High Court of Calcutta ruled in favor of the assessee, canceling the penalty under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal justified the cancellation as the additions made in the assessment were deleted, rendering the basis for the penalty nonexistent. The Court answered the referred question in the affirmative and in favor of the assessee.