CARONA LIMITED Vs. DEPUTY COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This Appeal under Sec. 260A of the Income Tax Act, 1961 (hereinafter referred to as the I.T. Act ) has been filed by the Assessee which pertains to the Assessment Year 1984-85. The Appeal is directed against the order dtd. 23/12/2002 passed by the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal) by which an order passed by the Commissioner of Income Tax (Appeals) has been set aside and the order passed by the Assessing Officer imposing penalty of Rs.12,82,700.00 on the Assessee under Sec. 271C of the I.T. Act has been restored.

(2.) The facts giving rise to filing of the Appeal, briefly stated, are that the Assessee is engaged in the business of manufacture and sale of footwear. The Assessee had filed the return of income for the Assessment Year 1984-85.

(3.) The Appeal was admitted on the following substantial question of law :-