1995 (2) TMI 18

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....2, 1981, the Tribunal referred the following question of law said to arise out of the order of the Tribunal under section 256(2) of the Income-tax Act, 1961, for our opinion : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was within its powers in setting aside the penalty order passed by the Inspecting Assistant Commissioner under section 271(1)(c) for the a....

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....for investigating the cash credit of Rs. 20,000, while reducing the addition for understatement of the cost of construction to Rs. 29,150. Before the matter could be considered and disposed of by the Appellate Assistant Commissioner, the Inspecting Assistant Commissioner held that there was suppression of investment and imposed a penalty of Rs. 49,750. On appeal, the Tribunal found that while ther....