1979 (1) TMI 96

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....LLON J.-In this petition under s. 256(2) of the I.T. Act, 1961 (hereinafter referred to as "the Act"), the Commissioner of Income-tax, Amritsar-I, has prayed that the Income-tax Appellate Tribunal, Amritsar Bench (hereinafter referred to as the Tribunal), be directed to refer the following two questions of law to this court for decision: "(1) Whether, on the facts and in the circumstances of th....

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....tour. (3) Rs. 1,008 out of repair account on account of capital expenditure relating to the electric fans. (4) Rs. 25,111 "reserve for bonus." The ITO also initiated penalty proceedings and he referred the case to the IAC under s. 274(2) of the Act. The IAC, after hearing the assessee, imposed a penalty of Rs. 24,925 in terms of the Explanation to s. 271(1)(c) of the Act. This order was a....

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....al on the record and we have no reason to take a different view than the one taken by the Tribunal. The revenue accepted the position regarding items Nos. 1 to 3 referred to in the earlier part of the judgment that the said items were a claim bona fide made which was disallowed by the ITO and thus no penalty proceedings could be taken. As regards item No. 4, the reserve for bonus, it is not disput....