1998 (12) TMI 613 - HC - Income Tax

Summary

The High Court of Madhya Pradesh rejected the Revenue's application to refer questions regarding penalty deletion under IT Act. The Tribunal found a reasonable cause for delay in obtaining audit report, leading to penalty cancellation. The Tribunal's decision was based on factual inquiries and did not warrant a reference to the High Court. The Revenue's argument against additional evidence was dismissed as the matter was considered with both parties present. The application was ultimately dismissed.