COMMISSIONER OF INCOME TAX Vs. INDEN BISLERS

JUDGEMENT

(1.) THE Revenue has come up with this reference seeking to sustain the penalty of Rs. 4,35,850 imposed by the Inspecting Assistant Commissioner on the assessee on the ground that the assessee had concealed income to that extent in its assessment for the assessment year 1965-66.

(2.) THREE questions have been referred at the instance of the Revenue. They are :

(3.) AFTER the Tribunal passed that order, penalty proceedings were initiated and the Inspecting Assistant Commissioner imposed penalty in the sum stated in the earlier part of this order. The penalty so levied has been set aside by the Tribunal.