1983 (9) TMI 5 - HC - Income Tax

Summary

The High Court of Karnataka ruled in favor of the assessee in a penalty levy case under section 271(1)(c) of the Income-tax Act, 1961. The court found that there was no intentional concealment of income as the assessee voluntarily disclosed the true income before proceedings were initiated under section 148 of the Act. The penalty levy was deemed unjustified, and the question was answered in the negative, in favor of the assessee.