COMMISSIONER OF INCOME TAX Vs. LULLABHAI HIRABHAI

JUDGEMENT

(1.) THE Tribunal has referred to this Court the following three questions as questions of law under section 256(1) of the IT Act, 1961 :

(2.) FOR the asst. year 1969 70, the total income of the assessee was computed at Rs. 1,18,938 which included prize money of Rs. 1,08,125. The assessee had shown this amount in Part IV of the return. However, the ITO, while completing the assessment, recorded a finding that the provisions of S. 271(1)(c) were attracted and referred the matter to the IAC for imposition of penalty. The IAC imposed a penalty of Rs. 1,25,000 after affording the assessee an opportunity of being heard, which was deleted by the Tribunal.