1990 (8) TMI 104

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....ection 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the Tribunal has referred the following two questions : "(1) Whether, on the material on record, the Income-tax Appellate Tribunal could legally come to the conclusion that the assessee had discharged the burden which lay upon him in terms of the Explanation to section 271 (1)(c) of the Income-tax Act ? (2) Whe....

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....nder section 271(1)(c) of the Act. The assessee furnished an explanation. The Income-tax Officer rejected the explanation and imposed a penalty against which an appeal was preferred before the Appellate Assistant Commissioner. It was dismissed. The matter was then carried to the Tribunal. The Tribunal, applying the ratio of the decision of the Supreme Court in CIT v. Anwar Ali [1970] 76 ITR 696, f....