2000 (11) TMI 69

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....GHVI J.--- This is a petition under section 256(2) of the Income-tax Act, 1961, for directing the Income-tax Appellate Tribunal (Delhi Bench A), New Delhi, to make reference of the following questions of law framed by the petitioner for opinion of this court : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law to hold that the assessee was not liabl....

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....f Income-tax (Appeals) and the Income-tax Appellate Tribunal have concurrently held that it is necessary to invoke Explanation 1 appearing below section 271(1)(c) of the 1961 Act while examining the issue relating to levy of penalty. Prima facie, this view is not correct and in our opinion, the following question of law arises for consideration by the court : "Whether, on the facts and in the c....