1986 (7) TMI 77

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....under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that even in such cases of agreed addition to the total income on account of une....

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....fficer, therefore, found that an addition of Rs. 40,000 over and above the income declared by the assessee under the voluntary disclosure scheme was called for. Learned counsel for the assessee agreed to this addition. The Income-tax Officer thereupon assessed the income of the assessee at Rs. 1,64,670. The Income-tax Officer also initiated penalty proceedings under section 271 (1)(c) of the Act. ....

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....e case, the levy of penalty was not justified. The Tribunal accordingly allowed the appeal. Aggrieved by that order, the Revenue sought a reference and it is at the instance of the Revenue that the aforesaid question of law has been referred to this court for its opinion. Having heard learned counsel for the parties, we have come to the conclusion that this reference must be answered in the aff....