1982 (8) TMI 43

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.... GOYAL J.-The assessee-firm was initially formed on September 20, 1958, consisting of Pyare Lal and his two sons, Lachhman Dass and Sat Parkash, as partners. After the death of Pyare Lal, it was reconstituted on February 22, 1960, and Smt. Basanti Devi, his widow, was introduced in his place. Yet another change took place in the constitution of the firm on March 23, 1962, whereby Smt. Basanti Devi....

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....estions for the opinion of this court : "1. Whether, on the facts and in, the circumstances of this case, the Appellate Tribunal was right in law in annulling the penalty order of the Inspecting Assistant Commissioner against the assessee-firm holding it to be bad in view of his observations that the penalty proceedings are being completed to protect the interests of the Revenue ? 2. Whether....

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....or concealment of the said income. The Tribunal found that, under law, protective order of assessment can be passed but not of penalty. The learned counsel for the Revenue was unable to challenge this view of the Tribunal and frankly conceded that he was not able to cite any provision of law or decided case which warranted a protective order of penalty. That apart, no finding was recorded by the I....