COMMISSIONER OF INCOME-TAX Vs. BAREILLY DEVELOPMENT AUTHORITY

JUDGEMENT

(1.) THE Income 1 ax Appellate Tribunal, New Delhi ha. 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 circumstance s of the case, the Tribunal was, in law, justified in cancelling the penalties amounting to Rs. 67,618/ - and v. 1, 99, 888/ - imposed under Section 201(1)/221 for the default during the financial years 1982 -83 and 1983 -84?

(2.) THE reference relates to the Financial Years 1982 -83 and 1983 -84 in proceedings relating to imposition of penalty under Section 201(1)/221 of the Act.

(3.) FEELING aggrieved, the Development Authority preferred an appeal before the Appellate Assistant Commissioner of Income Tax, Bareilly, who, vide order dated 3.9.1986, had partly allowed the appeal granting a relief of Rs. 67,610/ -.