1980 (10) TMI 1 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled that the penalty imposed on an assessee-firm was not illegal due to being barred by limitation. The Tribunal's decision to cancel the penalty was overturned based on the amended provisions of section 275 of the Income-tax Act, 1961. The reference was answered in the negative, against the assessee, and each party will bear their own costs.