Rajes Kumar, J. - (1.) Tribunal has referred the following question of law under Section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as "Act") for opinion to this Court. "Whether on the facts and in the circumstances of the case the learned I.T.A. was justified in holding that the penalty Under Section 271 (c) was not leviable?"
(2.) The present reference relates to the assessment year 1987-88.
(3.) Brief facts of the case are as follows:;