1995 (3) TMI 33

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....case petition, the Department requested this court to direct the Tribunal to refer the following question of law said to arise out of the order of the Tribunal for our opinion under section 256(2) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, and having regard to the fact that the assessee had not satisfied the conditions stipulated in section 249(4....

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.... be paid with the return of income or within the time stipulated for such deposit. The Income-tax Officer refused to accept the explanation offered by the assessee and levied a penalty of Rs. 15,750. However, on appeal, the Commissioner of Income-tax (Appeals) came to the conclusion that there was paucity of funds and, therefore, the assessee could not pay the tax in time and accordingly accepted ....

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....us, the Tribunal found on facts that there was a paucity of funds and, therefore, the penalty could not be levied under section 140A(3) of the Act. Since this finding was arrived at by the Tribunal on the basis of facts, we consider that no referable question of law arises out of the order of the Tribunal as framed and suggested by the Department. In so far as the second part of the question wh....