1979 (6) TMI 69

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....er the following questions stated to be questioned of law to arise out of the order of the Tribunal dt. 27th Jan., 1979 and made in ITA. No. 150 (Gau) of 1978-79 to the Hon'ble High Court at Gauhati for adjudication: (i) Whether on the facts and in the circumstances of the case the Tribunal was justified in cancelling the order under s. 271(1)(c) passed by the ITO. (ii) Whether on the facts ....

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....ion that no question of law arises out of the order of the Tribunal and we accordingly decline to draw up a statement of the case for the reasons given below. 4. The assessee is a registered firm carrying on business of grocery. For the asst. yr. 1972-73 corresponding to the pervious year ended 31st March, 1972, the ITO found that certain transactions of the assessee with M/s. Routhmal Bhairuda....

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....lanation which the ITO did not find to be acceptable. He accordingly imposed penalty of Rs. 20,000 for the concealment of the two amounts of Rs. 10,229 and Rs. 8,350. The AAC found that the explanation of the assessee had not been discussed and the penalty was imposed merely on the basis of the assessment order. He came to the conclusion that concealment was not proved, and he, therefore, cancelle....

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....lment within the meaning of Explanation also and accordingly cancelled the imposition of penalty. 5. From the above narration, it is clear that no proposition of law came up for consideration before the Tribunal and the case was decided entirely on finding of facts. The questions raised by the Revenue challenge only those findings of fact. The facts of the case, annexed to the reference applica....