1980 (10) TMI 1

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....ed by this court, 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 the order imposing penalty on the assessee-firm was illegal on the ground that it was barred by limitation, having regard to the provisions of section....

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....he Tribunal that the assessment proceedings for the years 1968-69 were completed on 9th December, 1969, and, in view of the provisions of s. 275 of the Act prescribing the period of limitation, the order passed by the IAC on 22nd January, 1972, was barred by time and hence illegal. The Tribunal upheld this preliminary objection and cancelled the penalty imposed by the IAC. Aggrieved by this order,....