COMMISSIONER OF INCOME TAX Vs. LALJI RAM BHAGAT

JUDGEMENT

(1.) IN an application for reference under Section 256(1) of the I.T. Act, 1961 (hereinafter to be referred to as "the Act"), the INcome-tax Appellate Tribunal, Patna Bench 'A', has submitted the statement of case and referred the following question of law for the opinion of this court:

(2.) THE facts are absolutely beyond controversy. Shortly speaking, the statement of the case submitted to this court represents a full statement of facts which are in respect of the assessment year 1967-68. THE assessee filed a return showing an income of Rs. 2,477. THE assessment was made on an income of Rs. 22,844 but this was ultimately reduced to Rs. 15,525 in appeal. A copy of the assessment order passed by the ITO has been marked annex. A and forms part of the statement of case.

(3.) WE, accordingly, hold that the question referred" to this court must be answered in the negative, in favour of the Revenue and against the assessee and that, on the facts and in the circumstances of this case, the Tribunal was not justified in holding that the quantum of penalty imposable was to be governed by the law which was in force on the 1st day of the assessment year and not the amended law which came into effect from April 1, 1968.