1984 (2) TMI 36 - HC - Income Tax

Summary

The High Court of Punjab and Haryana canceled a penalty of Rs. 15,000 imposed under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal allowed the appeal, emphasizing that penalty cannot be imposed solely based on a disbelieved explanation. The court directed the Tribunal to refer the question of law regarding penalty imposition.