1984 (8) TMI 40 - HC - Income Tax

Summary

The High Court of Bombay overturned the decision of the Tribunal regarding the penalty imposed on the assessee under section 273(b) of the Income-tax Act, 1961. The court held that the penalty should be imposed under section 271(1) of the IT Act, 1961, for the default mentioned in section 28(1) of the Indian IT Act, 1922. The Tribunal was directed to reconsider the matter and address additional questions raised by the assessee.