2004 (5) TMI 48

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....E J. -This is an application made by the Revenue (Income-tax Department) under section 256(2) of the Income-tax Act, 1961, requesting this court to call for the reference on the question proposed for being answered by this court under section 256(1) of the Income-tax Act. This application arises out of an order, dated September 9, 1993, passed by the Income-tax Appellate Tribunal, Indore, in I. T.....

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.... be answered by this court under section 256(1) of the Act. The issue relates to imposition of penalty under section 271(1)(c) of the Act. The Commissioner of Income-tax (Appeals) and the Tribunal quashed the penalty imposed by the Income-tax Officer (Assessing Officer) holding that in the absence of any material on record brought by the Assessing Officer showing concealment, in the income of t....