2004 (4) TMI 31

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....venue has filed this petition under section 256(2) of the Income-tax Act, 1961 (for short the "Act"), seeking a direction to the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for short "the Tribunal"), to refer the following question of law said to arise out of its order dated April 4,1995, whereby the penalty levied by the Assessing Officer under section 271(1)(c) of the Act has be....

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.... net loss at Rs. 91,210 vide order dated February 20, 1979. The said assessment was set aside in appeal by the Commissioner of Income-tax (Appeals) to be made de novo. Accordingly, fresh assessment was made by the Assessing Officer vide order dated March 16,1982, at a net loss of Rs. 73,730. The difference between the returned and assessed loss represented addition of Rs. 84,700 on account of unde....