High Court rules in favor of assessee under Income-tax Act, finding no dishonesty.

The High Court of Allahabad ruled in favor of the assessee in a reference under section 256(2) of the Income-tax Act, 1961, affirming that the assessee did not act dishonestly or in conscious disregard of statutory obligations. The Court upheld the Tribunal's decision, favoring the assessee over the Department.

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The High Court of Allahabad decided in favor of the assessee in a reference under section 256(2) of the Income-tax Act, 1961. The Tribunal found that the assessee did not act dishonestly or in conscious disregard of statutory obligations. The Court upheld this finding, ruling in favor of the assessee and against the Department.

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