1983 (2) TMI 26 - HC - Income Tax

Summary

The High Court of Madhya Pradesh rejected an application under s. 256(2) of the I.T. Act, 1961, regarding a penalty imposed on an assessee for delay in filing the return for the assessment year 1971-72. The Tribunal's decision was upheld as no reasonable cause for the delay was established. The application was rejected, and each party was ordered to bear their own costs.