2000 (9) TMI 10

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....In this petition filed under section 256(2) of the Income-tax Act, 1961 (for short, "the Act"), the petitioner has prayed for directing the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, "the Tribunal"), to refer the following question of law for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Income tax Appellate Tribunal was rig....

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....er of Income-tax (Appeals) with the observation that the Department has failed to prove positive act of concealment on the part of the assessee. The Tribunal has upheld the appellate order with the following observations: "After considering all the submissions, we are in agreement with the submissions of learned counsel for the assessee which has rightly been appreciated by the learned Commissi....

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....hilka and estimated the price of chhilka and made the addition but that estimate will not lead to penalty ipso facto and the Commissioner of Income-tax (Appeals) in view of the decision of the High Court's dictum rightly decided the appeal in favour of the assessee and we do not find any force in the appeals of the Revenue and the same are dismissed." After hearing learned counsel for the Reven....