9911796707
TMI Blog1996 (4) TMI 46X X X X Extracts X X X X X X X X Extracts X X X X ..... 61 (for short, "the Act"), the Department seeks a direction to the Income-tax Appellate Tribunal, Indore, to state the cases and refer to this court the following common question, said to be of law, arising out of the consolidated order dated May 29, 1992, of the Tribunal passed in I.T.A. Nos. 673 to 676/Ind. of 1990 and its refusal to make reference by the order dated February 16, 1993, passed in R. A. Nos. 158 to 161/Ind of 1992 relating to the assessment years 1983-84 to 1986-87 : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalty levied under section 271(1)(c) of the Income-tax Act, 1961 ? " The Assessing Officer levied penalties of Rs. 12,000, Rs. 1,00,000, Rs. 92,000 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer accepting the additional income as disclosed by the assessee made reassessment on March 25, 1988, as follows : (Rs.) 1983-84 30,050 1984-85 28,145 1985-86 55,169 1986-87 49,270 The Assessing Officer, however, also initiated penalty proceedings under section 271(1)(c) and imposed penalties which as already stated above were quashed in appeals by the Tribunal. As the order of the Tribunal passed in appeals was not acceptable to the Department, reference applications under section 256(1) were filed which too were rejected by the Tribunal. This gave rise to the present applications under section 256(2) of the Act. We have heard Shri D. D. Vyas, learned counsel for the applicant/Department and Shri J. W. Mahajan, learned counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed purely on correct appreciation of facts, but, on deeper probe in the face of search and revised returns, we deemed it proper to call for the question, hear the parties at length and then answer the question one way or the other. To avoid possible prejudice to both the sides, we refrain from expressing any opinion on the merits of the case at this stage. We are, however, satisfied that on the facts and in the peculiar circumstances of the case, the order of the Tribunal does give rise to the common question of law as noted above for our consideration and opinion. Consequently, we call upon the Tribunal to state the cases and refer the aforesaid common question of law for the opinion of this court in regard to the aforesaid appellate orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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