1996 (2) TMI 73

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..... owing question of law has been referred by the Tribunal for answer of this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in cancelling penalties imposed on the assessee under section 271(1)(a) of the Income-tax Act, 1961, for the assessment years 1972-73 to 1975-76 ? " The brief facts giving rise to this reference are these : The matter rel .....

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..... 9,880.00 1975-76 30-6-1975 30-6-1978 35 4,625.00 --------------------------------------------------------------------------------------------------------------------------------------------------- An appeal was preferred by the assessee and, ultimately, the order was upheld by the Appellate Assistant Commissioner. The matter then reached the Tribunal. The Tribunal, after examining the matter .....

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..... ince, the returns were found to be invalid, the Tribunal came to the conclusion that levying of penalty on that basis was also invalid as the returns could not be used for assessing the tax liability. The view taken by the Tribunal appears to be justified and there is no reason to interfere. In the result, the reference is answered against the Revenue and in favour of the assessee. - .....

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