JAI TRADING CO Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS income-tax reference is coming before us at the instance of the assessee. The question of law referred to us for decision is as follows :

(2.) THE assessment year in question is 1985-86. As per annexure-A order passed by the Income-tax Officer a penalty of Rs. 40,162 was imposed under Section 271B of the Income-tax Act. As against the said order, the assessee filed an appeal before the Commissioner of Income-tax but met with no success. THEreafter, the assessee filed a further appeal before the Income-tax Appellate Tribunal, Cochin Bench, as I. T. A. No. 133/Coch. of 1989. THE Appellate Tribunal, however, dismissed the appeal in confirmation of the levy of penalty. Since the Tribunal refused to refer the question for consideration before this court, the assessee moved this court and obtained a direction to the Tribunal to refer the question to this court. That is how the matter is before us now.

(3.) A copy of this judgment under the seal of this court and the signature of the Registrar shall be sent to the Income-tax Appellate Tribunal, Cochin Bench.