CIT Vs. JIWAN SINGH PARSHOTAM DASS

JUDGEMENT

(1.) Following questions of law have been referred for opinion of this court by the Income Tax Appellate Tribunal, Chandigarh Bench, Chandgiarh (for short 'the Tribunal') arising out of its order dated 25-1-1979 passed in ITA No. 197 of 1976-77, in respect of the assessment year 1970-71:

(2.) Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that penalty under Section 271(1) was not exigible

(3.) Counsel for the revenue could not point out any material on record, which could enable this court to hold that the findings recorded by the Tribunal, to the effect that the assessee had neither concealed the income nor furnished inaccurate particulars thereof, are perverse. The Inspecting Assistant Commissioner was found to have levied the penalty without any basis. Merely if a second view is possible on the facts found by the Tribunal, the Tribunal having taking a particular view, this court does not find the same to be perverse or impossible.