ADDITIONAL COMMISSIONER OF INCOME TAX Vs. NANDKISHORE

JUDGEMENT

(1.) BY this reference under Section 256(1) of the I.T. Act, 1961, hereinafter called "the Act", the Income-tax Appellate Tribunal, Indore Bench, has referred the following questions of law to this court for its opinion.

(2.) WHETHER, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the amendment made in Section 274(2) w. e. f. April 1, 1971, extended the time-limit for finalisation of penalty proceedings ? "

(3.) FOR these reasons, our answer to the first question referred to this court is in the negative and against the assessee. Our answer to the second question referred to this court is in the affirmative and in favour of the Department. In the circumstances of the case, parties shall bear their own costs of this reference.