1990 (11) TMI 125 - HC - Income Tax

Summary

The High Court of Allahabad held that the Tribunal erred in canceling a penalty imposed on an assessee for delay in filing the return without recording a finding of reasonable cause for the delay. The Tribunal's reasoning that the assessee did not wish to evade tax was deemed irrelevant, and the penalty was reinstated in favor of the Revenue. The Tribunal was advised to reconsider the matter in light of the court's observations.