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TMI Blog2007 (4) TMI 227X X X X Extracts X X X X X X X X Extracts X X X X ..... section 256(2) of the Income-tax Act, 1961. This court on April 15, 1998, has admitted the application on the following questions of law: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that no penalty is imposable on the addition of Rs. 4,52,485 made by the Assessing Officer under section 271(1)(c) of the Act? (2) Whether, on the facts an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal filed by the assessee, the Tribunal deleted the penalty. A reference application is filed by the Revenue under section 256(1) of the Act was rejected by the Tribunal. Hence, this application is filed by the Revenue under section 256(2) of the Act. In this case, the quantum addition made on the basis of the revised return filed by the assessee which represented bogus purchase bills has not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... addition sustained by the Assessing Officer, if one calculates the gross profit in the assessment year in question, i.e., in the year 1986-87, it would come to 47.09 per cent. Whereas, in the assessment year 1989-90 the Assessing Officer himself has estimated the gross profit at 18 per cent. In our opinion, there being no findings recorded by the Tribunal on this aspect of the matter, it will be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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