2006 (8) TMI 104

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...." has made this Reference for its answer by the High Court on the following question : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in upholding partially the penalty order passed by the I.T.O. U/s. 271 (1)(c) of the Income-tax Act, 1961 ?" 2. Shri R.K. Patel, learned counsel for the assessee and Shri B.B. Naik, learned counsel for the Revenue are heard. Sh....

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....ain observations against the interests, and observed that the action of the assessee was unfair. He submits that present is not a case where no penalty could be imposed. 3. The Tribunal had recorded findings that, on 6.8.1980 the Central Excise Department effected a raid, it found that 32751 metres man-made fabric was allowed exit from the factory premises, the amount received by the assessee as ....