M.L.SHRIMAL, J. - (1.) THIS is an application under S. 256(2) of the INCOME TAX ACT, 1961 (to be referred to hereinafter as "the Act"), filed by the Revenue.
(2.) THE facts giving rise to this application are that the assessee is a small scale cottage industry manufacturing indigenous diesel generating sets supplied mainly to the Government and defence priority section as well as to public sector undertakings and private industries. It filed a return for the year 1975 -76 declaring an income of Rs. 3,60,040 on June 28, 1975. It was obligatory on the part of the assessee to pay the self -assessment tax within 30 days of the furnishing of the return, i.e., on or before July 27, 1975. The assessee failed to make the payment by the due date, but the entire amount of tax was deposited by the assessee prior to November 7, 1975. The learned ITO after issue of notice, imposed a penalty of Rs. 22,000 under S. 140A(3) of the Act. The appeal filed by the assessee was partly accepted and the penalty was reduced from Rs. 22,000 to Rs. 13,000. The aggrieved assessee went up before the Tribunal. The Tribunal, after considering all the facts placed before it, came to the conclusion that the assessee has been able to show reasonable grounds for making late payment of the due amount and as such it set aside the penalty imposed by the ITO and reduced by the AAC.
(3.) BEING aggrieved with the order of the Tribunal, the petitioner submitted an application under s. 256(1) of the Act. The Tribunal again examined the arguments advanced by the parties and came to the following conclusion : "From the aforesaid discussion, it is clear that the finding of the Tribunal is essentially a finding of fact. The Tribunal, after considering all facts and circumstances of the case, gave a finding that no penalty is leviable. The learned Departmental Representative was not able to point out any important material which was not considered by the Tribunal. It was also not suggested that the Tribunal considered any irrelevant material or that the finding of the Tribunal is not based on the material on record. Thus, in our opinion, no question of law would arise out of the Tribunal's order." ;