Supreme Court of India
Jaswant Rai and Anr. v. Central Board of Direct Taxes and Revenue and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In the result, the order made by the High Court which is under appeal before us shall stand modified in terms stated above.
Judgment, page 8
From the headnote
Income Tax Act, 1961 : Sections 271(J)(c) and 271(4A)-Power of Commissioner of Income Tax to reduce or waive penalty-Commissioner sending report to Central c Board of Direct Taxes to reduce penalty-Board declining to reduce penalty- Held, in view qf the finding recorded by the Income Tax Appellate Tribunal and the circumstances explained by the Commissioner further scrutiny of the matter is required-Order of the Board quashed-Board would restore the proceedings to its file and would re-examine the matter. ' The second appellant Firm made an application on 12.2.1965 that it t would place
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