Supreme Court Dismisses Revenue's Appeal in Income Tax Penalty Case Due to Failure to Argue Correct Legal Provision Before Tribunal. Penalty Under Section 28(1)(c) on Reconstituted Firm Held Invalid as Revenue Relied Solely on Section 44 Which Applies Only to Discontinuance of Business, and the Question of Applicability of Section 26 Was Not Raised Before the Tribunal.
12 Mar 1969The appeal before the Supreme Court arose from a reference under section 66 of the Indian Income-tax Act, 1922. The respondent firm, M/s. Kirkend Coal...
