1989 (7) TMI 43

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....a, under section 256(2) of the Income-tax Act, 1961 (herein after referred to as "the Act"), for directing the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, to refer the questions raised by the petitioner in this petition to this court. For the assessment year 1966-67, the assessee had submitted a return declaring an income of Rs. 75,000 and, vide the assessment order dated April 26, 197....

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....he assessment order was passed by the Income-tax Officer assessing the income of the assessee at Rs. 2,25,707. Penalty proceedings were initiated against the assessee under section 271 (1) (c) of the Act and the Inspecting Assistant Commissioner, vide order dated March 31, 1976, imposed a penalty of Rs. 1,03,620. The said penalty was divided in two components, Rs. 19,508 was 20% of the difference ....

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....f the assessee. The application moved by the assessee for making a reference to this court was rejected by the Tribunal by order dated July 26, 1988. Hence, this application by the assessee to this court. We have heard learned counsel for the petitioner in support of the assessee and we have also perused the orders passed by the Commissioner of Income-tax as well as the Income-tax Appellate Tri....