ADDITIONAL COMMISSIONER OF INCOME TAX Vs. JEEWANDAS GYANCHAND

JUDGEMENT

(1.) THIS a reference made by the Tribunal as directed by this court in Misc. Civil Case No. 708 of 1972, decided on 4th May, 1978. The questions of law referred are as follows :

(2.) THE reference relates to the assessment year 1968-69. For this assessment year, the assessee returned an income of Rs. 24,397. THE ITO rejected the accounts of the assessee and assessed the income at Rs. 35,913 on agreed basis. THEreafter, the IAC, to whom the penalty case was referred, imposed a penalty of Rs. 13,000 under Section 271(1)(c). THE Tribunal, in the appeal filed by the assessee, deleted the said penalty.

(3.) THERE will be no order as to costs of this reference.