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<h1>High Court dismisses reference application under Income-tax Act, upholds penalty set aside for recovered money</h1> The High Court of Madhya Pradesh dismissed an application for reference under section 256(2) of the Income-tax Act, 1961. The court upheld the decision to ... Assessment, Concealment, Penalty The High Court of Madhya Pradesh dismissed an application for reference under section 256(2) of the Income-tax Act, 1961. The court upheld the decision to set aside the penalty imposed on the assessee for declaring recovered money as income for a different assessment year. The Tribunal did not commit any error in accepting the income for the current year and dismissing the penalty. The application was dismissed as no question of law arose.
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