- (1.) HEARD Sri Shekhar Srivastava, learned counsel for the Revenue and Sri S.D. Singh, learned counsel for the assessee on the question of admission.
(2.) THIS is an application under Section 256(2) of the Income-tax Act, 1961. Having heard learned counsel appearing for the parties, we are of the opinion that the following question of law does arise : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in directing to restrict the aggregate amount of penalty under Sections 271(1)(a) and 271(1)(c) to the extent of twice the amount of tax sought to be evaded calculated on the basis of tax payable by a registered firm and not on the basis of tax payable as an unregistered firm as provided under Section 271(2) of the Income-tax Act, 1961 ?" We, therefore, direct the Tribunal to draw up a statement of the case and refer the aforementioned question to this court.;