1984 (11) TMI 26

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....der section 256(2) of the Income-tax Act, 1961, filed by the Revenue for the assessment years 1973-74 and 1974-75, for asking the Tribunal to refer the following questions to this court Assessment year 1973-74 : " (1) Whether, on the facts and in the circumstances of the case, there was material before the Tribunal to hold that the assessee had discharged its burden to rebut the presumption of ....

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.... the circumstances of the case, the Tribunal was correct in law in cancelling the penalty imposed by the Income-tax Officer ?" Both the applications can be conveniently disposed of together and, therefore, they are consolidated. We have heard Shri Markandey Katju, learned counsel for the Revenue, and Shri Rajesh Kumar, learned counsel for the assessee, at some length. The submissions of Shri....