R.K.Agrawal, J. - (1.) The Income-tax Appellate Tribunal has referred the following question of law under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for opinion to this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the penalty for concealment of income was leviable on the assessee ?"
(2.) The reference relates to the assessment year 1975-76.
(3.) Briefly stated, the facts giving rise to the present reference are as follows : The Income-tax Officer had imposed penalty amounting to Rs. 79,136 on the applicant on account of concealment of particulars of his income in respect of the following item : "Inflation of purchase in Lehi and Tilli account Rs. 20,000Unexplained loss and shortage in Tilli account Rs. 9,568Shortage in groundnut account Rs. 10,000 Rs. 39,568;