2001 (2) TMI 118

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....n has been referred for the opinion of this court under section 256(1) of the Income-tax Act, 1961 (in short the "Act"), by the Income-tax Appellate Tribunal, Delhi Bench "C", New Delhi : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is justified in cancelling the penalty levied under section 271(1)(c) for the assessment year 1965-66 ?" We have he....

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....arch 17, 1975, penalty proceedings were initiated and referred to the Inspecting Assistant Commissioner, it was contended that if the reference was prior to April 1, 1976, the imposition of penalty would be in order in view of what has been stated by the apex court in CIT v. Smt. R. Sharadamma [1996] 219 ITR 671. The crucial date, therefore, is the date of reference. Unfortunately, the Tribunal ha....