1979 (9) TMI 97

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....whereby imposition of penalty in the sum of Rs. 1,500 since imposed on the assessee by the ITO, under s. 140-A(3) of the IT Act, 1961, has been upheld. 2. Brief facts giving rise to the present appeal, are, that the assessee filed his return of income for the asst. yr. 1974-75, on6th Aug., 1974. The net income declared was Rs. 34,328, on which income-tax payable on self-assessment basis worked ....

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.... placed on the record, and considering the amount involved and also the fact that the assessee paid the tax in February to September, 1977, in instalments, the order of the ITO levying penalty, was confirmed. 5. Still aggrieved, the assessee has come up in second appeal. Before us, the learned counsel has contended on the same lines as he contended before the learned AAC. The learned counsel ha....

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....ernment suffered no loss. At the instance of the Revenue, the matter went to the Hon'ble High Court with the following reference :- "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the penalty of Rs. 10,000 levied under s. 140-A(3) of the IT Act, 1961?" The question referred to, was answered against the Revenue. 6. On its part, the Revenu....