1988 (1) TMI 5

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.... the direction of this court under section 27(3) of the Wealth-tax Act, 1957, in Miscellaneous Civil Case No. 522 of 1981, decided on November 19, 1982, the Income-tax Appellate Tribunal has stated the case and referred the following question of law for this court's opinion : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in cancelling the p....

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.... Officer also levied a penalty of Rs. 1,075 for the assessment year 1973-74, which is not the subject-matter of this reference. The assessee went up in appeals before the Appellate Assistant Commissioner, who disposed of the appeals for the years 1971-72 to 1973-74 by a common order. The explanation of the assessee that he was under a bona fide belief that only his capital in the firm was subject ....

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....e Act, the aforesaid question was directed to be referred to this court. This question is directly covered by the decision of this court in Sardar Pritam Singh v. CIT [1985] 154 ITR 133. "Notice issued to show cause why penalty be not imposed-Prayer for adjournment of proceedings granted-Assessee not appearing on the date fixed Order imposing penalty passed Tribunal justified in holding that asses....