1971 (3) TMI 4 - HC - Income Tax

Summary

The High Court of Allahabad ruled that penalties could be imposed under section 271(1)(a) of the Income-tax Act, 1961 for late filing of returns by a partnership firm. The Tribunal's decision to delete the penalties was deemed erroneous as penalty proceedings had to be initiated and imposed under the Act of 1961. The court ruled in favor of the Commissioner of Income-tax.