Court upholds penalty for late tax return submission under Income-tax Act.

The High Court of Punjab and Haryana upheld a penalty imposed under section 271(1)(a) of the Income-tax Act for late submission of income tax return for the assessment year 1959-60. The penalty of Rs. 18,702 was confirmed by the Tribunal. The court ruled in favor of the revenue and against the assessee.

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The High Court of Punjab and Haryana upheld a penalty imposed under section 271(1)(a) of the Income-tax Act for late submission of income tax return for the assessment year 1959-60. The penalty was upheld because the assessee failed to submit the return on time and his income exceeded Rs. 40,000. The penalty of Rs. 18,702 was confirmed by the Tribunal. The court ruled in favor of the revenue and against the assessee.

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