- (1.) At the instance of the assessee, the Tribunal, Allahabad Bench, under section 256(1) of the Income Tax Act, 1961 (hereafter refered to as 'the Act') has referred the following question of law for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the penalty of Rs. 15,000 under section 271(1)(c) ?"
(2.) In paragraph-6 of the Statement of the Case submitted by the Tribunal, it is stated that in pursuance of direction of this court under section 256(2) of the Act on the quantum side in the case of the assessee, it has submitted a separate statement of the case to this Court and, therefore, this reference is also being made, which involves the question about the imposition of penalty for concealment of income which is the subject-matter of other reference on the quantum side.
(3.) At the outset, the learned counsel for the assessee stated at the bar that the reference on the quantum side has since been decided and the order of the Tribunal has been sustained.;