1980 (4) TMI 10 - HC - Income Tax

Summary

The High Court of Punjab and Haryana upheld the levy of penalty under section 271(1)(c) in a reassessment case where concealment of income was found after fresh assessment. The Tribunal's decision was deemed correct as penalty proceedings were initiated based on the new assessment order. The penalty amount was reduced to Rs. 3,000 from Rs. 5,000 imposed by the Inspecting Assistant Commissioner.