2000 (12) TMI 33 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled in favor of the assessee in a tax penalty case under section 271B of the Income-tax Act, 1961. The Tribunal canceled the penalty imposed by the Assessing Officer due to a procedural issue regarding the filing of audit reports. The court referred to a previous case and decided in favor of the assessee, disposing of the reference accordingly.