CIT Vs. SURENDRA KUMAR PANKAJ KUMAR

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Allahabad, has referred the following question of law under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as the Act) for opinion to this Court: - 'Whether, on the facts and in the circumstances of the case and having due regard to the provision of section 271(2) of the Income Tax Act, 1961, the Tribunal was legally justified in upholding the action of the Deputy Commissioner (Appeals) in cancelling the penalty levied under section 271(1)(a) of the Income Tax Act, 1996 -97

(2.) THE reference relates to the assessment years 1984 -85 and 1985 -86. The facts giving rise to the present reference in brief are as follows : -

(3.) HEARD learned counsel for the parties.