2000 (10) TMI 36

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....by this court under section 256(2) of the Income-tax Act, 1961 (in short "the Act"), the following questions have been referred by the Income-tax Appellate Tribunal, Delhi Bench-D (in short "the Tribunal"), for the opinion of this court : In R. A. No. 45 (Delhi) of 1976-77 : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that the a....

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....n the facts and in the circumstances of the case, the Tribunal was legally correct in cancelling the penalty of Rs. 40,000 imposed under section 273(b) for the assessment year 1968-69 and whether the provisions of section 212(3) are not attracted in this case ?" For the relevant assessment years 1967-68 and 1968-69, assessments were completed finally on the total income of Rs. 11,47,450 and Rs.....

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..... Penalties of Rs. 50,000 and Rs. 40,000 for the assessment years 1967-68 and 1968-69, respectively, were imposed. The penalties were questioned in appeals before the Appellate Assistant Commissioner (in short "the AAC") who upheld the penalties levied. The matter was carried in appeals before the Tribunal. After considering the rival stands, the Tribunal came to the conclusion that there was reas....