COMMISSIONER OF INCOME TAX Vs. AMAR NATH

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Allahabad Bench, Allahabad, referred the following question for the opinion of this court :

(2.) THE relevant facts as stated in the statement of the case are that the assessee in the status of individual, carried on business in commission agency prior to the assessment year 1968-69. For the assessment year 1968-69 a return was filed showing an income of Rs. 33,233 representing share of profit from a firm, Sohan Lal Sewa Ram Jaggi. THE assessee claimed that the individual business was converted into a partnership firm comprising two partners, namely, the assessee and his son, with effect from April 1, 1967.

(3.) THE question for consideration is whether, on the facts and in the circumstances of the case, the Appellate Tribunal rightly cancelled the penalty.