SHANKER TRADERS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THESE three applications under S. 256(2) of the IT Act, 1961, have been preferred by an assessee praying that the Tribunal, Allahabad, be directed to state respective cases and refer the following questions stated to be of law and to arise out of the common order dt. 22nd April, 1996, passed in ITA Nos. 1306, 1307 and 1308(All) of 1992, for the asst. yrs. 1981 -82, 1982 -83 and 1983 -84 respectively, for the opinion of this Court. Question in I.T.A. No. 151

(2.) WE have heard Sri Rajesh Kumar, learned counsel for the assessee and Sri. A.N. Mahajan, learned counsel for the Commissioner -respondent.

(3.) THE common question that is raised in these petitions is whether the Tribunal was right in upholding the levy of penalty in view of the assessee's letter dt. 17th Dec., 1985. The Tribunal has found that the said letter was not the basis of the assessment and the finding in the assessment order about the correct extent of income and in the penalty order about the act of concealment of particulars of income is based on an appreciation of facts of the case and the material on record.