1991 (3) TMI 58 - HC - Income Tax

Summary

The High Court of Allahabad delivered a judgment on an income tax penalty case. The court addressed two questions posed by the Tribunal. Regarding the first question, the court found that the principle from the case of CIT v. Anwar Ali does not apply due to the introduction of an Explanation in the Income-tax Act. For the second question, the court ruled in favor of the assessee, stating that there was no concealment of income or furnishing of inaccurate particulars. The penalty of Rs. 75,000 was cancelled.