2000 (12) TMI 14

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..... . Heard. At the instance of the Revenue, the Income-tax Appellate Tribunal, Delhi Bench-D (in short "the Tribunal"), has referred under section 256(1) Of the Income-tax Act, 1961 (in short "the Act"), the following question, common to both references, for the opinion of this court: "Whether, on the facts and circumstances of the case, the Appellate Tribunal is right in law in cancelling the pen .....

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..... he effect if the reference was made earlier to April 1, 1976, is not the question here. Therefore, when the reference was made the Inspecting Assistant Commissioner had been divested of his jurisdiction to impose penalty. That being the position, the Tribunal was justified in its conclusion. The answer to the question referred, therefore, is in the affirmative, in favour of the assessee and agains .....

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