1996 (2) TMI 73

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....-tax Act, 1961, at the instance of the Revenue and the following question of law has been referred by the Tribunal for answer of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in cancelling penalties imposed on the assessee under section 271(1)(a) of the Income-tax Act, 1961, for the assessment years 1972-73 to 1975-76 ? " The brief facts....

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....976 46 7,650.00 1974-75 30-6-1974 30-6-1978 47 9,880.00 1975-76 30-6-1975 30-6-1978 35 4,625.00 --------------------------------------------------------------------------------------------------------------------------------------------------- An appeal was preferred by the assessee and, ultimately, the order was upheld by the Appellate Assistant Commissioner. The matter then reached the Tribu....