CIT Vs. JAGAT RICE MILLS

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, New Delhi 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, the Tribunal was legally justified in upholding the Commissioner (Appeals)'s action in cancelling the penalty of Rs. 37,672 levied under section 271B of the Income Tax Act, 1961?'

(2.) THE dispute relates to the assessment year 1989 -90.

(3.) HEARD the learned standing counsel for the department. None appeared on behalf of the assessee /respondent.