1983 (2) TMI 4 - HC - Income Tax

Summary

The High Court of Madhya Pradesh was asked to provide an opinion on whether the order of the Inspecting Assistant Commissioner imposing a penalty under section 271(1)(c) of the Income-tax Act was valid. The case involved undisclosed income sources leading to a penalty of Rs. 30,000 imposed by the Inspecting Assistant Commissioner. The Tribunal upheld a penalty of Rs. 6,000, which was appealed by the assessee. The Tribunal was directed to provide a supplementary statement regarding the date of the penalty referral for further consideration.