1985 (7) TMI 57 - HC - Income Tax

Summary

The High Court of Punjab and Haryana disposed of Income-tax Cases involving penalties imposed under section 271(1)(c) of the Income-tax Act, 1961 for assessment years 1969-70 and 1970-71. The Income-tax Appellate Tribunal's decision to cancel the penalties was based on accepted explanations by the assessee, citing relevant legal precedents. The court directed the Tribunal to refer the first question for its opinion, stating that the second question was unnecessary and covered by the first.