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TMI Blog1971 (4) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... umstances on the basis of which it reduced the penalty to Rs. 2,500 and Rs. 12,500 for the two assessment years and when doing so the Tribunal did not, as indeed it was not bound to, proceed on the basis that the penalty imposed Should be 50 per cent. of the maximum penalty. Accordingly we answer the question referred in the negative and against the assessee. - - - - - Dated:- 20-4-1971 - Judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reduced the total income to Rs. 21,902. The Income-tax Officer initiated penalty proceedings against the assessee and the Inspecting Assistant Commissioner levied a penalty of Rs. 5,000. In similar proceedings for the assessment year 1962-63, the assessee filed a return showing his income at Rs. 8,505 initially, but subsequently he filed a revised return showing his income at Rs. 23,151. The I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s referred this case for the opinion of this court. A preliminary objection has been raised oh behalf of the Commissioner of Income-tax. It is pointed out that the question referred arises out of the order passed on the rectification applications and not out of the appellate order of the Tribunal, and no reference has been sought from the order on the rectification applications. It seems to us t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uestion which arises out of the appellate order. The objection is overruled. On the merits of the question we have no hesitation in deciding Against the assessee. From the data before us it seems that the assessee has assumed that while the Inspecting Assistant Commissioner imposed, a penalty amounting to 50 per cent. of the maximum penalty, the Tribunal was also bound to maintain the same ratio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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