RUKMINI BAI Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS is an application Under Section 256 (2) of the IT Act, 1961 (hereinafter referred to as 'the Act') for calling for the statement of case from the Income-tax Appellate Tribunal (for short 'the Tribunal' ).

(2.) IT is relevant to state here that in this case the controversy is relatable to two assessment years, i. e. , 1975-76 and 1976-77. The questions which are proposed for both the years are as under:

(3.) THOUGH many questions have been proposed, Mr. H. S. Shrivastava, learned counsel for the applicant, submitted that the real crux of the matter pertains to imposition of penalty Under Section 271 (l) (c) of the Act in question. It is pertinent to mention here that as there was late filing of return the assessment proceeding Under Section 148 of the Act was initiated against the assessee in which the AO did not accept the explanations and added a sum of Rs. 25,000 for the asst. yr. 1975-76 and Rs. 30,000 for the next assessment year in exercise of powers conferred Under Section 69a of the Act. Appeals were filed assailing the aforesaid orders which entailed in dismissal. Second appeals were preferred which also did not meet with complete success but some relief was granted as Tribunal reduced the quantum.