2001 (1) TMI 6 - HC - Income Tax

Summary

The High Court of Allahabad considered an application for reference under section 256(2) of the Income-tax Act, 1961 regarding the levy of penalty under section 271B despite obtaining an audit report within time. The Tribunal upheld the penalty, leading to a further application for reference to the High Court, which was accepted. The Court directed the Tribunal to refer the question of law for its opinion.