1998 (1) TMI 36 - HC - Income Tax

Summary

The High Court of Madhya Pradesh rejected the Revenue's application under section 256(2) of the Income-tax Act, 1961. The Tribunal had deleted the penalty imposed under section 271(1)(c) for unexplained investments, stating that there was no conscious concealment by the assessees. The Court upheld the Tribunal's decision, emphasizing that the levy of penalty is discretionary and no question of law arose in this case.