1986 (9) TMI 422 - HC - Income Tax

Summary

The Rajasthan High Court disposed of a reference made by the Revenue under the IT Act, 1961 regarding the cancellation of a penalty under section 271(1)(c). The Court held that the penalty was not applicable due to the exclusion of a certain amount from the assessee's income, as decided in Sukhdeo Charity Estate, Ladnu v. CIT. The reference was disposed of with no costs.