1983 (2) TMI 26

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....I J.-This is an application under s. 256(2) of the I.T. Act, 1961, (hereinafter referred to as " the Act") The material facts giving rise to this application briefly are as follows: For the assessment year 1971-72, the assessee had to file a return on or before September 30, 1971, but the return was, however, filed on March 22, 1973. The ITO, therefore, initiated penalty proceedings against ....

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....ce, but the application filed by the assessee in that behalf was rejected. Hence, the assessee has filed this application praying that the Tribunal should be directed to refer 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 holding that the assessee had without reasonable cause failed to furnis....