1996 (2) TMI 123

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..... evenue seeking for review of and recalling the order dated November 13, 1995, passed by this court in I. T. C. No. 132 of 1990 and I. T. C. No. 133 of 1990, dismissing the reference applications preferred by the Revenue under section 256(2) of the Income-tax Act, 1961, relevant to the assessment years 1967-68 and 1972-73. Mr. Rajendra appearing for the Revenue submits that there is an error appar .....

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..... for the assessment years 1967-68 and 1972-73 that the claims made by the assessee were not bona fide or that there was any fraud or gross or wilful neglect on its part are on the face of it erroneous and perverse. On the other hand, Mr. Monga, appearing for the assessee, submits that there is no error apparent on the face of the record nor the findings recorded by the Tribunal in the penalty pro .....

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..... f the submission of Mr. Rajendra could at best be related to the assessment year 1967-68 and in no case the same could be related to the assessment year 1972-73. Now coming to the prayer of review made by the Revenue in respect of the assessment year 1967-68, in our judgment on November 13, 1995, we on examination of record, and in the light of the findings recorded by the Tribunal in the penalty .....

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..... the same were recorded in order to justify the reopening of the assessment for the said assessment year. However, the proceedings for imposition of penalty and assessment proceedings are two separate and independent proceedings and, therefore, separate and distinct provisions have been enacted in the statute for initiation of the same. Under the provisions of section 271(1), a person becomes liabl .....

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..... s in any way false. It is also to be noted that in the penalty proceedings the Tribunal has not found that the assessee had concealed the particulars of its income or had furnished inaccurate particulars of its income. Therefore, it cannot be said that there is any error apparent on the face of the record as was sought to be made out by learned counsel for the Revenue. It is also to be noted that .....

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