1997 (12) TMI 21

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....982, dated August 30, 1980, the Appellate Tribunal has referred the following question of law under section 256(2) of the Income-tax Act, 1961, for our consideration. "Whether, on the facts and in the circumstances of the case and having regard to the provisions of section 271(2) of the Income-tax Act, 1961, the Tribunal was right in holding that penalty was not leviable under section 271(1)(a) o....

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....r and the Appellate Tribunal held that since the assessed tax was a negative figure, the tax deducted at source being larger than the tax demanded resulting in refund of Rs. 8,349 the levy of penalty was not justified. The Appellate Tribunal, on the basis of the directions of this court, stated a case and referred the question of law set out earlier. Mr. C. V. Rajan, learned counsel appearing for....