1980 (5) TMI 6 - HC - Income Tax

Summary

The High Court of Madhya Pradesh ruled that no penalty should be imposed on the assessee for filing the income tax return late, as the delay was due to a bona fide belief that the income was not taxable. The court cited the Hindustan Steel Ltd. case and held that the penalty was not justified. The Tribunal's decision to impose a penalty was deemed unjustified.