1979 (10) TMI 8

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....256(1) of the Income-tax Act, 1961 (hereinafter called " 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 justified in holding that since the default is attributable to the return of income filed in the course of the original assessment ....

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....income as was disclosed by him in the return filed initially. Penalty proceedings were initiated against the assessee by the ITO under s. 271(1)(c) of the Act and those proceedings were referred to the IAC for disposal. The IAC imposed a penalty of Rs. 5,000 in view of the fact that the minimum imposable penalty would be equal to the amount of income concealed. Against this order, the assessee pre....