RAJESH BINDAL, J. - (1.) THE Income -tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, "the Tribunal"), has referred the following asst. yrs. 1977 -78 to 1980 -81 : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the penalty order dt.
(2.) BRIEFLY the facts, as noticed in the statement of the case, are that the assessee for the asst. yr. 1977 -78 filed his income was assessed at Rs. 21,264. The penalty proceedings culminated into an order under s. 271(1)(c) of the IT Act, against the order of levying penalty was dismissed by the Dy. CIT(A). However, further appeal by the assessee before the Tribunal was accepted. The Tribunal while setting aside the penalty held that in terms of s. 275(a)(ii) of the Act the order of penalty having been passed beyond the period of limitation prescribed in the section, the order of penalty was not sustainable.
(3.) WE have heard learned counsel for the Revenue and perused the paper book. Learned counsel for the Revenue has relied upon s. 275 of the Act to state that in the case in hand even though the s. 275 of the Act. Accordingly, the view expressed by the Tribunal is not in conformity with the provisions of the Act.;