COMMISSIONER OF INCOME-TAX Vs. GANESH AND CO

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 the opinion to this court: Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Income-tax Officer did not have jurisdiction to impose penalty under Section 271(1)(c) without obtaining the prior consent of the Inspecting Assistant Commissioner in terms of Clause (iii) of Sub-section (1) of Section 271 of the Income-tax Act, 1961 ?

(2.) The reference relates to the years 1974-75 and 1975-76.

(3.) Briefly stated the facts giving rise to the present reference are as follows: