1998 (1) TMI 36

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....J.---This is an application under section 256(2) of the Income-tax Act, 1961, at the instance of the Revenue for calling for a statement of case from the Tribunal on the following question of law : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in deleting the penalty levied under section 271(1)(c) even after confirming the unexplained investment ....

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....n that the amount represented the income of the assessee of the particular assessment year. It was also observed that there cannot be levy of penalty as a matter of course. Accordingly, the Tribunal set aside the penalty for all the ten assessment years. We have gone through the matter and we are of the opinion that levy of penalty is a discretionary order and the Tribunal has exercised its dis....