1977 (7) TMI 1 - SCH - Income Tax

Tribunal has set aside the penalty of 7, 500 levied on the assessee - Tribunal appears to have overlooked the amendment made by Act 5 of 1964 to s. 271 of the I.T. Act 1961. The word deliberately which occurred in the unamended section was omitted by the amendment and an Explanation was added to that section which was previously not there - Tribunal should have considered the amendment. However reference was refused taking overall view of the case

Summary

The Supreme Court dismissed an appeal by the Additional Commissioner of Income-tax, Ahmedabad, seeking a reference of a question of law to the High Court. The Tribunal had set aside a penalty imposed on the assessee, citing an earlier court judgment and overlooking an amendment to the Income Tax Act. The Court found the case not fit for a reference to the High Court.