1988 (7) TMI 45 - HC - Income Tax

Summary

The High Court of Calcutta ruled that the Tribunal was justified in canceling the penalty imposed under section 271(1)(a) of the Income-tax Act, 1961, as the assessee had a reasonable cause for the delay in filing the return of income. The court agreed with the Tribunal's findings and discharged the rule, rejecting the application with no order as to costs.