1989 (3) TMI 15 - HC - Income Tax

Summary

The High Court of Calcutta ruled in a case involving the Income-tax Act, 1961, for the assessment year 1967-68. The Tribunal found that erasures or mistakes in the account books did not indicate fraud by the assessee, leading to the cancellation of the penalty order under section 271(1)(c). The court upheld the Tribunal's decision, answering question 1 in favor of the assessee and question 2 in the affirmative. No costs were awarded.