1985 (5) TMI 15 - HC - Income Tax

Summary

The High Court of Delhi ruled in a case involving penalty under section 271(1)(c) of the Income-tax Act, 1961. The penalty of Rs. 2,50,000 was levied but was found unjustified as certain amounts were not considered as the assessee's income. The court answered the questions in favor of the assessee, and the penalty case did not survive. The reference was answered accordingly, with no order as to costs.