COMMISSIONER OF INCOME TAX Vs. AGARWAL K K

JUDGEMENT

(1.) THIS is an income-tax reference under Section 256 of the Income-tax Act, 1961, in which the following question has been referred for our opinion :

(2.) THE relevant assessment year is 1973-74 and for this year the Inspecting Assistant Commissioner under Section 271(1)(c), on October 20, 1978, imposed a penalty of Rs. 20,000.

(3.) IN view of this, we set aside the order of the Tribunal dated May 21, 1979, and remand the matter to the Tribunal to pass a fresh order on the merits in the light of the aforesaid judgment of the Supreme Court in Dhadi Sahu's case [1993] 199 ITR 610.