1987 (10) TMI 40

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.... "(1) Whether the Tribunal was justified in cancelling the penalty imposed by the Income-tax Officer in the facts and circumstances of the case? (2) Whether the order of the Tribunal is wrong and perverse inasmuch as it ignored the Tribunal's finding in the quantum matter and unreasonably gave a higher appreciation to the order of the Commissioner of Income-tax (Appeals) which order had already been criticised by the previous Bench of the Tribunal, inter alia, in these words : 'Actually, the Commissioner of Income-tax (Appeals) has given no reason worth the name to delete the addition of Rs. 32,000?" (3) Whether the order of the Tribunal is wrong and perverse inasmuch as it gives no reason for its finding....

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....oss in the manufacture of "stainless" steel at 23% to 25%. Consequently, the addition on this account was knocked off. In respect of stock discrepancy, the appellate authority accepted the explanation of the assessee that the stock was of the goods received back out of earlier sales made to Agarwal Metal Corporation, Bombay. But since they were not settling the accounts, the goods could not be sold and were held as security. The Tribunal restored the order of the Income-tax Officer in respect of melting loss as the assessee had been taking different stands. It did not record any finding that melting loss determined at 23% to 26% was not correct. As regards stock discrepancy, the Tribunal held that there were no entries in the account books ....