1970 (4) TMI 53 - HC - Income Tax

Whether penalty levied under section 271(1)(a) of the Income-tax Act 1961 bad been validly reduced

Summary

The High Court of Punjab and Haryana disposed of Income-tax References. The Tribunal reduced the penalty from Rs. 11,543 to Rs. 1,000, citing the delay as not warranting a heavy penalty. The Tribunal's order was deemed wrong as the 1961 Act was applicable, not the 1922 Act. The Tribunal was directed to reexamine the penalty calculation. The question was answered in the negative, with no costs awarded.