1996 (7) TMI 23

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..... K. MATHUR C. J.---This is a reference under section 256(1) of the Income-tax Act, 1961, and the following question of law has been referred by the Tribunal for answer by this court : "Whether the Tribunal, in the facts and under the circumstances of the case, was justified in restoring the penalty?" The assessee-firm derived its income from truck plying, flour mill and timber business. The....

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.... and the Appellate Assistant Commissioner directed grant of registration to the firm and reduced the total income by Rs. 8,750---Rs. 3,750 out of timber business and Rs. 5,000 out of truck plying income. However, the assessee did not file second appeal before the appellate authority. In response to the penalty notice under section 271(1)(c), the assessee filed a written reply. The assessee's on....

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....counsel for the parties and perused the record. The question which has been referred is essentially a question of fact and no question of law arises in this case. However, Shri Purohit, learned counsel for the assessee, urged that the Income-tax Officer has referred to an unamended provision, treating it that the assessed income was 80 per cent. of the returned income; that the provision was delet....