1969 (9) TMI 3 - SC - Income Tax

Whether penalty could be levied on the assessee under section 28(1)(c) of the Indian Income-tax Act, 1922, for concealment of the fixed deposit of Rs. 5,00,000 in the name of R. P. Agarwal - High Court was not justified in dismissing the petition without any reasons - we set aside the order of the High Court and direct that the case be remanded to the High Court to be dealt with and disposed of in accordance with law

Summary

The Supreme Court allowed the appeal and remanded the case back to the High Court at Calcutta for further consideration. The High Court was found unjustified in dismissing the petition without providing reasons. The Tribunal's decision regarding the levy of penalty under section 28(1)(c) of the Indian Income-tax Act, 1922, was to be reviewed by the High Court.