1976 (10) TMI 29 - HC - Income Tax

AAC And Tribunal Interim Dividend Revision By Commissioner Tax Deducted At Source Writ Petition

Summary

The High Court of Punjab and Haryana dismissed two applications (ITC No. 1 of 1974 and ITC No. 2 of 1974) related to assessment and penalty proceedings of M/s. Shiv Narain Khanna. The transactions in question were found to be false, leading to the levy of penalty. The court held that the same material can be used for assessment and penalty, and there was sufficient evidence to justify the penalty. The applications were dismissed with costs.