1977 (3) TMI 5 - HC - Income Tax

Summary

The High Court of Allahabad dismissed the application under sub-s. (2) of s. 256 of the I.T. Act, 1961. The court held that the Tribunal's decision was based on circumstantial evidence and did not require reference to the court. The penalty of Rs. 8,000 imposed by the Inspecting Asst. Commissioner of Income-tax was cancelled by the Tribunal. The parties were directed to bear their own costs.