2004 (12) TMI 73

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....er section 256(1) of the Income-tax Act, 1961, for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that no penalty under section 271(1)(c) was leviable in respect of the trading addition of Rs. 18,446?" The reference relates to the assessment year 1979-80. The facts giving rise to the present reference are that the res....

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....ceedings under section 271(1)(c) of the Act and after hearing the respondent, he imposed a sum of Rs. 20,000 as penalty. The order was sustained by the Appellate Assistant Commissioner to the extent of Rs. 6,822. Feeling aggrieved by the said order, the Revenue preferred an appeal before the Tribunal. The Tribunal has dismissed the appeal. We have heard Sri Shambhu Chopra, learned standing coun....