1998 (12) TMI 613

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....d circumstances of the case, the Hon'ble Tribunal was justified in law in deleting the penalty of ₹ 57,810 levied by the AO under s. 271B and upheld by the learned CIT(A)? (ii) Whether, on the facts and in the circumstances of the case, the Honble Tribunal was justified in law in allowing by admitting additional evidence without affording opportunity to Revenue, despite the material on ....

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....erein it was stated that audit report could not be submitted before 30th June, 1986, due to heavy departmental workload. A certificate from Asstt. Registrar, Co-operative Societies was also filed in support. Upon this Tribunal recorded its satisfaction and cancelled the penalty on the reasonable cause shown. Revenue thereafter filed application under s. 256(1) seeking reference of the above stated....