COMMISSIONER OF INCOME TAX Vs. DILIP KUMAR BHUSARI

JUDGEMENT

(1.) SHRI Saxena, learned counsel for the Revenue, heard on the point of admission.

(2.) THIS is an application under Section 256(2) of the Income-tax Act, 1961, to direct the Tribunal to refer to this court, the case arising out of its order dated December 7, 1990, passed in I.T.A No. 193/IND/85, assessment year 1979-80 and its refusal to refer the case by order dated March 27, 1991, passed in R.A. No. 28/IND/91. It was strenuously argued by learned standing counsel that the explanation offered by the assessee-opponent was palpably false and as such penalty should have been imposed on him. The matter relates to the unexplained investment in purchase of certain properties. The question sought to be referred is "on the facts and in the circumstances of the case", whether there is any material with the Income-tax Appellate Tribunal justifying the deletion of penalty under Section 271(1)(c) ?