HARKATWAT AND CO Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) THIS is a reference made by the Income-tax Appellate Tribunal at the instance of the assessee under Section 256 (1) of the Income- tax Act, 1961, in R A. No. 105/ Ind of 1992, which in turn arises out of an order dated August 31, 1994, passed by the Income-tax Appellate Tribunal in I. T. A. No. 829/ind of 1989 to this court for answering the following two questions of law :

(2.) IN order to answer the question referred, the facts stated in the statement of case drawn by the Tribunal need to be taken note of infra.

(3.) THE dispute relates to the assessment year 1984-85. It pertains to imposition of penalty by the Assessing Officer on the assessee under Section 271 (l) (c) of the Act.