1977 (11) TMI 23

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....is application the Commissioner wants the following three questions to be found in para. 5 of the application to be referred to the High Court. "(1) Whether , on the facts and in the circumstances of the case and in law, the Appellate Tribunal was justified in holding that there was no proper case for the levy of penalty of Rs. 3,92,000 under s. 271(1)(c) of the Act in the case of the assessee ....

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.... the income as upheld by the Tribunal was Rs. 5,36,660. Penalty proceedings were taken. The IAC held that the penalty was exigible and levied the penalty of Rs. 3,92,000. The learned counsel for the assessee drew our attention to the order of the Tribunal to be found in paras. 6 to 8. The Tribunal considered the circumstances under which the returned income had been inflated to the higher figur....