2001 (8) TMI 53 - HC - Income Tax

Summary

The High Court of Delhi heard an appeal under section 260A of the Income-tax Act, 1961 regarding the imposition of a penalty for the assessment year 1994-95. The Tribunal cancelled the penalty based on a conditional offer for surrender made by the assessee. The Court directed the Tribunal to rehear the matter and consider fresh material before making a decision.