- (1.) WE have heard Learned Counsel for the Income Tax Department.
(2.) THIS is an application seeking calling of reference under Section 256(2) of the Income Tax Act, 1961 (hereinafter to be referred as ''the Act ''), as stood at that relevant time. The question, which has been sought to be called, reads as follows: Whether in the facts and circumstances of the case and in law the Ld. Tribunal was justified in confirming the order of the CIT (A) of cancelling the penalty under Section 271(1)(c) of the I.T. Act when the said penalty has been imposed on the basis of admitted undisclosed income shown in the revised return filed after detection of concealed income by the Department? We find from the order of the Tribunal passed under Section 256(1) of the Act that the revised return was not filed because of detection of concealed income, but was filed voluntarily because a general inquiry was going on.
(3.) LEARNED Counsel for the Department has argued before us that this finding that the revised return was filed voluntarily and not because of the detection of concealed income, is perverse finding.;