1994 (7) TMI 39

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....plication under section 256 (2) of the Income-tax Act, 1961, has prayed for giving an appropriate direction to the Income-tax Appellate Tribunal to refer the following questions of law which arise out of its order dated July 22, 1983, in respect of the assessment years 1967-68 to 1970-71: " (I) Whether, on the facts and in the circumstances of the instant case, the Tribunal was justified in hol....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., the Tribunal was justified in cancelling the penalty imposed by the Inspecting Assistant Commissioner under section 271(1)(c) of the Income-tax Act, 1961, upon the assessee-Hindu undivided family ? (IV) Whether, on the facts and in the circumstances of the case, the order of the Tribunal passed on July 22, 1983, is not perverse? " Arguments of learned counsel for both the parties have been....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....pectively. The Income-tax Officer found that Prabhu Dayal Sharma was making gifts to the assessee or his wife, Smt. Bhagwati Devi, and in the year 1968-69 gift of Rs. 11,000 was made to Smt. Bhagwati Devi. In the year 1969-70, a gift of Rs. 10,500 was made to Roop Kishore Goyal. The balance of the income of Rs. 22,075 was lying deposited with the Hindu undivided family at the close of the accounti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....by Roop Kishore Goyal. The said order has become final. When the matter was brought before and considered by the Inspecting Assistant Commissioner of Income-tax in the proceedings under section 271(1)(c) read with section 274 of the Income-tax Act, it was found that the assessee has knowingly and intentionally concealed the particulars of the income and penalty was levied. The Income-tax Appell....