C I T Vs. S K GOLCHA

JUDGEMENT

(1.) THIS order shall dispose of both these references.

(2.) THESE references under Section 256 (1) of the Income-tax Act, 1961 are at the instance of the Revenue in respect of the same Assessee for the assessment years 1969-70 and 1970-71 for answering the following questions of law, namely:- "assessment year 1969-70 "whether on the facts and in the circumstances of the case the Tribunal was justified in cancelling the penalty order passed under sec. 18 (1) (c) holding that the Inspecting Asstt. Commissioner had no jurisdiction to levy the said penalty of Rs. 3,70,733/- on 2. 3. 1977 ? Assessment year 1970-71 "whether on the facts and in the circumstances of the case the Tribunal was justified in cancelling the penalty order passed under sec. 18 (l) (c) holding that the inspecting Assistant Commissioner had no jurisdiction to levy the said penalty of Rs. 3,95,333/- on 2. 3. 1977?"

(3.) CONSEQUENTLY, these references are answered against the Revenue and in favour of the Assessee by holding that the Tribunal was justified in cancelling the penalty for both these years for the reasons given by us. No costs.