1981 (10) TMI 48 - AT - Income Tax

Summary

The assessee appealed against a fine of Rs. 5,000 imposed by the CIT under section 285A(2) of the IT Act for failing to furnish contract details. The ITAT reduced the fine to Rs. 500, considering it as the first default by the assessee. The appeal was partly allowed. (Case: 1981 (10) TMI 48 - ITAT ALLAHABAD-B)