1995 (9) TMI 381

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....ave heard Shri Shekhar Srivastava, the learned standing counsel for the department. None appears for the assessee. 3. The reference relate to the assessment years 1968-69 and 1969-70. The assessee is a firm. The assessment for the assessment year 1968-69 was originally made on total income of ₹ 28,200 - on 16-7-1971 and for the assessment year 1969-70 on total income of ₹ 39,200 - on ....

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....r the assessment year 1969-70. Aggrieved, the assessee went up in appeal before the Tribunal and the Tribunal cancelled the penalties imposed by the IAC and allowed the assessee's appeal. The department then filed application under section 256(1) which was rejected. But the application under section 256(2) was allowed and the following questions were referred for our opinion : "1. Whethe....