Rajes Kumar, J. - (1.) At the instance of the assessee, the Income Tax Appellate Tribunal (hereinafter referred to as the "Tribunal") has referred the following question of law under Section 256 (1) of the Income Tax Act, 1961 (hereinafter referred to as " Acf) relating to the assessment years 1983-84 to 1987-88 for opinion to this Court. "Whether on the facts and in the circumstances of the case, the Tribunal was right in law to hold that penalty under Section 271 (1) (c) was chargeable in the case of the assessee in respect of excess claim of interest made by the assessee notwithstanding the fact that the assessee has subsequently volunteered the information cooperated with the Department?"
(2.) For the assessment year 1983-84, the following additional question has also been referred for opinion to this Court: "Whether on the facts and in the circumstances of the case, the Tribunal was right in law to uphold the penalty in regard to sum of Rs. 10,22,770/- being the amount remitted by the Bank on the basis of compromise decree granted during the relevant assessment year notwithstanding the fact that the decree was satisfied in a subsequent assessment year?".
(3.) At the instance of the Revenue, the Tribunal has also referred the following question for the assessment years 1983-84 to 1987-88 for opinion to this Court: "Whether on the facts and in the circumstances of the case, the Tribunal was right in law to hold that assessee was not liable to penalty in regard to the excess claim of interest made on the basis of misunderstanding of the decree relating to the payment of interest on defaulted payments?";