COMMISSIONER OF INCOME TAX Vs. CHATTERJEE M N

JUDGEMENT

(1.) THIS is a reference under Section 256(2) of the Income-tax Act, 1961. The question referred to us for our opinion is as follows :

(2.) IN this reference, we are concerned with levy of penalty in relation to the return submitted for the assessment year 1962-63.

(3.) THE Revenue, being aggrieved by the order of the Tribunal, filed an application under Section 256(1) of the Act but without any success. An application was then filed under Section 256(2) of the Act before this court. This court, after hearing counsel for the parties, called for a reference by order dated April 2, 1984. THE Tribunal in accordance with the order of this court has submitted the statement of the case and referred the question referred to above for our opinion.