1987 (11) TMI 33 - HC - Income Tax

Summary

The High Court of Allahabad rejected the application filed under section 256(2) of the Income-tax Act, 1961 by the assessee. Only two questions were considered, with one question regarding deduction of penalty being dismissed based on a Supreme Court decision. The other question was rejected as the Tribunal found that there was valid information for initiating reassessment proceedings under section 147(b). The application was ultimately rejected.