1981 (7) TMI 63 - HC - Income Tax

Summary

The High Court of Bombay ruled that penalty could be validly levied on the assessee under section 271(1)(a) of the Income-tax Act, 1961 for the assessment years 1950-51 to 1955-56. The judgment of the Mysore High Court was overturned by the Supreme Court in CIT v. S. G. Magavi [1971] 81 ITR 475 (SC). The question submitted to the court was answered in favor of the department. Other contentions raised by the assessee were either negatived or left unconsidered by the Tribunal. The Tribunal will address those remaining points in the appeal filed by the assessee. No costs were awarded in this reference.