TaxTMI 
TaxTMI 
1995 (12) TMI 48
X X X X Extracts X X X X
X X X X Extracts X X X X
....iled these six reference applications as noted above, proposing three common questions of law under section 256(2) of the Income-tax Act, 1961 (for short, " the Act "), to state the case and refer the questions of law as extracted below, arising out of the order dated October 30, 1990, passed by the Tribunal in the appeals : " (i) Whether, on the facts and in the circumstances of the case, the In....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pplicant (assessee) filed a return late as a result of which penalty was levied under section 271(a) of the Act. No statement was filed as regards the payment of advance tax and as such penalty was also levied under section 273(1)(b) of the Act. Anurag and Ramesh Malik presented inaccurate estimate and hence, penalty under section 273(2)(a) was also levied. The aggrieved assessee eventually filed ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nd held as under : " Learned Departmental Representative stressed on the proposed question No. 4 that the order of the Tribunal is perverse. So placing reliance upon Fakhri Automobiles v. CIT [1980] 126 ITR 417 (Raj) he argued that where the finding of the Tribunal is perverse, a question of law does arise for reference. There cannot be any quarrel with this proposition of law. But the learned D....
X X X X Extracts X X X X
X X X X Extracts X X X X
....kataswamy and Sons [1971] 79 ITR 499 (SC), rise to a question of law and as such the Tribunal rightly rejected the reference application. Recourse to section 256(2) of the Income-tax Act is thus, not justified and is acarpous (CIT v. Orissa Corporation P. Ltd. [1986] 159 ITR 78 ; AIR 1986 SC 1849). We find that the Tribunal did not misdirect itself and did not commit any error in cancelling the p....