2013 (11) TMI 819

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....n & Aalok Mittal, Advocates ORDER Hemant Gupta, J. Present reference under Section 256(1) of the Income Tax Act, 1961 (for short 'the Act') arises out of an order passed by the Income Tax Appellate Tribunal (for short 'the Tribunal') on 14.07.1993 referring the following substantial question of law pertaining to the assessment years 1982-83 and 1983-84: "Whether, on the facts and in th....

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....as non-availability of funds. The Inspecting Assistant Commissioner imposed penalty of Rs.15,63,458/- and Rs.39,12,544/- for the Assessment Years 1982-83 and 1983-84 respectively. The appeals against the orders of penalty were dismissed by the Commissioner of Income Tax (Appeals), but the Tribunal in further appeals partly allowed the appeals filed by the assessee and cancelled the penalty for the....

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....ings and purchase of shells besides the basic raw materials. Therefore the orders of penalty were quashed w.e.f. 01.11.1984 onwards. Though the Tribunal has taken into consideration the assessee's letter dated 22/25.03.1985 in respect of damages to the property for the first time in appeal before it, but the fact remains that such fact is uncontroverted by the Revenue. It is also matter of comm....