1982 (4) TMI 7 - HC - Income Tax

Summary

The High Court of Madhya Pradesh declined to answer questions 1 and 2 regarding the transfer of a truck to a partnership and the imposition of a penalty after the assessee's death. The court held that the penalty imposed was not justified as the transaction did not constitute a sale, and therefore, there was no concealment of income. The penalty of Rs. 7,000 was not legally correct.