TaxTMI 
TaxTMI 
1982 (6) TMI 14
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....NI J.-By this reference under s. 256(1) of the I.T. Act, 1961, 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 circumstances of the case, and in view of the Explanation to sec. 271(1)(c) as it then existed, the Tribunal was justified in reducing the quantum of penalty to an amount less than t....
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....by the Tribunal, the Department sought a reference and it is at the instance of the Department that the aforesaid question has been referred to this court for its opinion. Shri Mukati, the learned counsel for the Department contended that the Tribunal could not reduce penalty which was less than the income assessed in the assessment proceedings. The learned counsel for the Department relied on ....
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....concerned with the relevant cl. (iii) of s. 271(1) of the Act, which was substituted by the Finance Act, 1968. The Tribunal, therefore, was required to determine the amount of income in respect of which the particulars had been concealed or inaccurate particulars had been furnished. The Tribunal had to give a finding in that behalf in the penalty proceedings. In this connection, we may usefully re....