1985 (10) TMI 29 - HC - Income Tax

Summary

The High Court of Bombay considered a reference under section 256(1) of the Income-tax Act, 1961, regarding the cancellation of a penalty under sections 271(1)(a) and 271(2). The court held that penalty can be imposed on a registered firm and answered the question in favor of the Revenue. The decision was influenced by a previous judgment and the interpretation of the relevant provisions of section 271.