1983 (7) TMI 27

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.... SOHANI J.-By this reference under s. 256(1) of the I.T. Act, 1961 (hereinafter referred to as " the Act ") the Income-tax Appellate Tribunal, Indore Bench, has referred the following questions of law to this court for its opinion: " (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in upholding the quantum of penalty levied by the ITO ....

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....ted penalty proceedings under s. 271(1)(c) of the Act. After taking into consideration the explanation of the assessee, the ITO held that the assessee was guilty of concealment and accordingly levied penalty of Rs. 15,000 for the assessment year 1974-75 and Rs. 20,000 for the assessment year 1975-76. On appeal the AAC reduced the amount of penalty. On further appeal, the Tribunal confirmed the ord....