1979 (10) TMI 6

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....his is an application under section 256(2) of the Income-tax Act, 1961 (to be referred to hereinafter as "the Act"), filed by the Revenue. The facts giving rise to this application are that the assessee is a small scale cottage industry manufacturing indigenous diesel generating sets supplied mainly to the Government and defence priority section as well as to public sector undertakings and priv....

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....clusion that the assessee has been able to show reasonable grounds for making late payment of the due amount and as such it set aside the penalty imposed by the Income-tax Officer and reduced by the Appellate Assistant Commissioner. Being aggrieved with the order of the Appellate Tribunal, the petitioner submitted an application under section 256(1) of the Act. The Tribunal again examined the a....

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....ts advanced before the Tribunal have been reiterated. We are unable to hold that the Tribunal has acted on any irrelevant material or has failed, to consider material evidence on record. The circumstances considered by the Tribunal regarding the existing loan and the financial stringency of the assessee as detailed in the documents on record cannot be said to be irrelevant material. This court, in....