1984 (3) TMI 45 - HC - Income Tax

Summary

The High Court of Calcutta addressed two questions regarding penalty under section 271(1)(a) of the Income Tax Act, 1961 in a case where the assessment was made based on a revised return. The court found the penalty applicable as the assessment was considered a substantive assessment due to no assessment being made in relation to the income returned by the assessee in the hands of another person. The court answered the questions in favor of the Department and against the assessee.