1984 (8) TMI 31

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..... ring three questions of law under s. 256(1) of the I.T. Act, 1961. The Tribunal referred only the following question to this court : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that no penalty under section 140A(3) was leviable?" An order of penalty was passed by the ITO on the ground that the assessee did not pay tax on the basis of the re .....

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..... TO had not given any reason for imposing penalty. Even if there was a default, the ITO was bound to consider the circumstances of the case and give his reasons why the penalty should be imposed. The Tribunal, on a review of the facts and circumstances of the case, held that no penalty was leviable. We do not find any legal infirmity in the order of the Tribunal. The question, therefore, is answer .....

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