COMMISSIONER OF INCOME TAX Vs. JAIN BROTHERS

JUDGEMENT

(1.) THESE three reference applications involve identical questions and are, thereforee, disposed of by this common judgment.

(2.) PURSUANT to the direction given by this court under Section 256(2) of the Income -tax Act, 1961 (in short, 'the Act'), by order dated October 21, 1981, the Income -tax Appellate Tribunal, Delhi Bench -D ('the Tribunal' in short), has referred the following questions for the opinion of this court :

(3.) WE have heard learned counsel for the Revenue. There is no appearance on behalf of the assessed in spite of notice. Learned counsel for the Revenue submitted that there is no bar on fresh initiation of proceedings and merely because the proceedings had been dropped earlier, that is no reason to hold that subsequently penalty proceedings cannot be initiated.