COMMISSIONER OF INCOME TAX Vs. NATVERLAL JIVANLAL

JUDGEMENT

(1.) AT the instance of the Revenue, the following question of law is referred to this court for its opinion :

(2.) THE assessment year involved is the assessment year 1981 -82. Heard Mr. M. R. Bhatt, learned standing counsel for the Revenue. No one appears on behalf of the respondent -assessee though notice was duly served.

(3.) THIS court was called upon to decide as to whether the finding of the Tribunal that on completion of assessment in the status of a registered firm the assessee was entitled to a refund and hence no penalty was leviable, is correct in law.