1981 (9) TMI 20 - HC - Income Tax

Summary

The High Court Bombay held that the assessee failed to furnish the return of total income within the time allowed by section 139 of the Income Tax Act, 1961. The penalty imposed by the Income Tax Officer was cancelled by the Tribunal based on a Supreme Court case. The court mentioned the Delhi High Court's opinion on the matter and referred to a previous decision by the Madhya Pradesh High Court. The Commissioner has the power to reduce or waive the penalty under section 273A, and the assessee can move the Commissioner for relief. Each party will bear their own costs.