RAMESH CHANDRA MOONDRA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Tribunal, Jaipur Bench, Jaipur, has referred the following two questions of law arising out of its order dt. 4th Jan., 1982 in respect of asst. yr. 1964-65 under s. 256(1) of the IT Act, 1961 :

(2.) PENALTY proceedings under s. 271(1)(c) of the Act were initiated and penalty of Rs. 27,500 was levied. The return of income was filed by the assessee, as an individual on 27th Dec., 1971. The ITO, therefore, imposed the penalty on the basis of the law, that was prevalent on that date on which the actual concealment was committed. The order of the assessing authority was confirmed by the CIT(A) as well as by the Tribunal.