1992 (8) TMI 19 - HC - Income Tax

Summary

The High Court of Madras dismissed tax case petitions seeking a direction to refer a question of law regarding the cancellation of penalty under section 271(1)(c) of the Income-tax Act, 1961. The Tribunal deleted the penalty as errors in the accounts were voluntarily disclosed by the assessee, leading to the conclusion that there was no concealment of income. The Court upheld the Tribunal's decision, stating that no question of law arose.