1989 (3) TMI 70

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...., ACTG. C. J.-This is an application under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The material facts giving rise to this application, briefly, are as follows For the assessment year 1974-75, penalty was imposed on the assessee under section 221 of the Act. Aggrieved by the order passed by the Income-tax Officer imposing penalty, the assessee prefer....

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....der section 221 of the Act was justified, when the application for stay was pending. On behalf of the Revenue, it was contended that the question of law sought to be referred was not urged before the Tribunal and, hence, it could not be held that the said question arises out of the order passed by the Tribunal. Having heard learned counsel for the parties, we have come to the conclusion that th....