Law: Income Tax Act, 1961

Section: 271(1)(c)

Income-tax------Reference---Penalty---Concealment of income---Finding based on material on record that there had been concealment of income---Finding of fact---No question of law arose---Indian Income Tax Act, 1961, Ss.256 & 271(1)(c). Where the High Court refused to call for a reference of the question, inter alia, whether the Tribunal rightly upheld the levy of penalty under section 271(1)(c) of the Income Tax Act, 1961: Held, affirming the decision of the High Court, that the Tribunal having arrived, at the finding of concealment of income on the basis of the material on record, no question of law arose, reference of which could be called for. Century Flour Mills Ltd. v. CIT (1998) 234 ITR 768 (Mad.) affirmed. ORDER The High Court (see (1998) 234 ITR 768) declined to call for a reference of the following questions. "(1) Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the levy of penalty in respect of the sale consideration of the sale of the land is justified? facts and in the circumstances of the case, the Tribunal is right in law in holding that the sale consideration is not Rs.8,16,550 as disclosed in the deed of sale, but is a sum of Rs.16,43,539 as estimated by the Assessing Officer? (3) Whether the…

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