JAIN BROTHERS Vs. COMMISSIONER OF INCOME TAX I

JUDGEMENT

(1.) Pursuant to the direction given by this Court in an application under Section 256(2) of the Income-tax Act, 1961 (in short 'the Act'), Income-tax Appellate Tribunal Delhi Bench-D ('Tribunal' in short) has referred the following question for opinion of this Court :

(2.) Factual position, as noted in the statement of case, is as follows:

(3.) we have heard learned counsel for Revenue. There is no appearance for assessee in spite of notice. Learned counsel for Revenue submitted that after analysing the factual position in detail, Tribunal has concluded that penalty was clearly leviable. That being the position no question of law arises out of the order of the Tribunal.