1984 (6) TMI 5 - HC - Income Tax

Summary

The High Court of Karnataka ruled in a reference under section 256(1) of the Income-tax Act, 1961 regarding the cancellation of a penalty under section 271(1)(c). The Tribunal held that the penalty was levied without authority due to a change in provisions of the law. The court followed a previous judgment and answered the question in favor of the taxpayer, granting a certificate for appeal to the Supreme Court.