TMI Blog1995 (2) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... s " the Act "), the Revenue seeks a direction to the Tribunal to refer the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in cancelling the penalty imposed under section 273(2)(a) of the Income-tax Act, 1961, amounting to Rs. 81,211 ? " The assessee filed a return of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w-cause notices to the assessee and finally a penalty order under section 273(2)(a) was made imposing penalty of Rs. 81,211. The assessee being aggrieved filed an appeal against the penalty imposed before the Commissioner of Income-tax (Appeals) who upheld the penalty holding that the assessee intentionally furnished an estimate of advance tax which he knew and had reason to believe to be untrue. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n under section 256(2) of the Act to this court along with the statement of the case. The assessee being aggrieved by the order of the Commissioner of Income-tax (Appeals) upholding the penalty imposed under section 273(2)(a) of the Act filed an appeal before the Income-tax Appellate Tribunal. When the aforesaid matter came up for hearing before the Income-tax Appellate Tribunal, the quantum app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the order of the Tribunal that it was persuaded to cancel the penalties imposed on the ground that the basis on which the penalties were imposed had been deleted by the Tribunal in quantum assessment. However, by our judgment in I.T.C. No. 1 of 1994 delivered today we have directed the Tribunal to refer the question of law arising out of the order of the Tribunal for the opinion of this court wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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