1979 (10) TMI 8

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..... Act the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that since the default is attributable to the return of income filed in the course of the original assessment proceedings pertaining to the assessment year 1965-66, the a .....

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..... y. Penalty proceedings were initiated against the assessee by the ITO under s. 271(1)(c) of the Act and those proceedings were referred to the IAC for disposal. The IAC imposed a penalty of Rs. 5,000 in view of the fact that the minimum imposable penalty would be equal to the amount of income concealed. Against this order, the assessee preferred an appeal before the Tribunal. The Tribunal held tha .....

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..... is committed which would determine the penalty. In view of this decision, it must be held, in the circumstances of the case, that the Tribunal was not justified in holding that the default was attributable to the return of income filed in the course of the original assessment proceedings and that the amended provisions of s. 271(1)(c) of the Act were not applicable. For all these reasons, our an .....

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