TMI Blog1977 (8) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... rd and was arrived at without considering the entire evidence on the record - Whether in view of section 271(1)(c) Tribunal was right in law in cancelling the penalty - we direct that the High Court shall call for a statement of case from the Tribunal - - - - - Dated:- 1-8-1977 - Y. V. CHANDRACHUD. and P. S. KAILASAM. JUDGMENT The judgment of the court was delivered by CHANDRACHUD J. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 271(1)(c) of the Income-tax Act, 1961. As the minimum penalty exceeded Rs. 1,000, the Income-tax Officer referred the matter to the Inspecting Assistant Commissioner under section 274 of the Act. After considering the facts noted by the Income-tax Officer in his assessment orders and after hearing the respondent, the Inspecting Assistant Commissioner passed an order on November 13, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yer. The High Court rejected the applications of the appellant summarily against which the appellant has filed these appeals by special leave. Having heard learned counsel for both the sides at some length, we find it difficult to agree with the Tribunal that none of the four or five questions, on which a reference was sought by the appellant, arise out of its judgments in the two cases. We woul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure lower than 80 per cent. of the income assessed, is contrary to the weight of the record and was arrived at without considering the entire evidence and material on the record ? (2) Whether, on the facts and in the circumstances of the case and in view of the provisions contained in section 271(1)(c) of the Income-tax Act, 1961, and the Explanation thereto, the Tribunal was right in law in can ..... X X X X Extracts X X X X X X X X Extracts X X X X
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