9911796707
TMI Blog1996 (7) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... 256(1) of the Income-tax Act, 1961, and the following question of law has been referred by the Tribunal for answer by this court : "Whether the Tribunal, in the facts and under the circumstances of the case, was justified in restoring the penalty?" The assessee-firm derived its income from truck plying, flour mill and timber business. The assessee failed to comply with the terms of the notices ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of registration to the firm and reduced the total income by Rs. 8,750---Rs. 3,750 out of timber business and Rs. 5,000 out of truck plying income. However, the assessee did not file second appeal before the appellate authority. In response to the penalty notice under section 271(1)(c), the assessee filed a written reply. The assessee's only argument was that the addition was on account of estima ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n which has been referred is essentially a question of fact and no question of law arises in this case. However, Shri Purohit, learned counsel for the assessee, urged that the Income-tax Officer has referred to an unamended provision, treating it that the assessed income was 80 per cent. of the returned income; that the provision was deleted long back and, therefore, the Income-tax Officer should ..... X X X X Extracts X X X X X X X X Extracts X X X X
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