DILIP KUMAR MITRA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The following questions are involved in this reference under Section 256(2) of the I.T. Act, 1961:

(2.) If the answer to question No. 1 is in the affirmative, whether on the facts and in the circumstance of the case, the Tribunal was justified in confirming the quantum of penalty and dismissing the appeal? "

(3.) The ITO included the income of Hindusthan Trading Corporation and also the capital gains in respect of the aforesaid in the assessment. The AAC dismissed the appeal filed by the assessee who filed a further appeal before the Tribunal.