1986 (1) TMI 46

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.... S. P. GOYAL J.-The assessee, a registered firm, carried on business as dealer in gur and shakar and also as commission agent. For the assessment year 1970-71, it filed a return showing an income of Rs. 8,660. The assessing authority assessed the income at Rs. 1,02,050 which was reduced to Rs. 99,760 by the Appellate Assistant Commissioner and to Rs. 94,760 by the Tribunal. The Income-tax Officer ....

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....d that order. Aggrieved thereby, the Revenue moved an application under section 256(1) of the Income-tax Act (hereinafter called " the Act "), which was allowed and the following three questions have been referred to this court : " 1. Whether, on the facts and in the circumstances of the case, and on a correct interpretation of section 271 (1)(c) and (iii) of the Income-tax Act, 1961, as amende....

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.... and 3 are liable to be answered in favour of the Revenue and against the assessee. We order accordingly. On the first question, learned counsel for the Revenue contended that the Tribunal for holding that no penalty was exigible relied on Addl. CIT v. Karnail Singh [1974] 94 ITR 505 (P & H). As the decision in the said case has been overruled by the Full Bench of this court in Vishwakarma Indu....