1995 (2) TMI 49

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.... petition under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "), the Revenue seeks a direction to the Tribunal to refer the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in cancelling the penalty imposed under section 273(2)(a) of the....

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....atisfied about the default of the assessee under section 273(2)(a) of the Act issued show-cause notices to the assessee and finally a penalty order under section 273(2)(a) was made imposing penalty of Rs. 81,211. The assessee being aggrieved filed an appeal against the penalty imposed before the Commissioner of Income-tax (Appeals) who upheld the penalty holding that the assessee intentionally fur....

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....r directing the Income-tax Tribunal to refer the question formulated in the said petition under section 256(2) of the Act to this court along with the statement of the case. The assessee being aggrieved by the order of the Commissioner of Income-tax (Appeals) upholding the penalty imposed under section 273(2)(a) of the Act filed an appeal before the Income-tax Appellate Tribunal. When the afore....

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....al were those of fact and no question of law arose. Hence this application. We find from the order of the Tribunal that it was persuaded to cancel the penalties imposed on the ground that the basis on which the penalties were imposed had been deleted by the Tribunal in quantum assessment. However, by our judgment in I.T.C. No. 1 of 1994 delivered today we have directed the Tribunal to refer the....