Law:

Section:

Section 256 of the Income-tax Act, 1961 - High Court - Reference to - Whether question raised in statement of case and referred to High Court for an answer must in essence be questions of Tribunal and implies that Tribunal is satisfied that a question of law has arisen and it is, therefore, inappropriate in such context when Tribunal doss refer question of law under section 256(1) to say that it is doing so at instance of either assessee or revenue or Commissioner - Held, yes - Whether no question can be raised in a statement of case by Tribunal without an application in prescribed form by applicant within prescribed time - Held, yes Section 271(1)(c), read with section 274(2), of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment years 1955-56 to 1962-63 - Whether penalty proceedings commence and are initiated before ITO or AAC, as case may be, and not before IAC to whom reference is made under section 274(2) - Held, yes - Whether where case was referred to IAC on 29-8-1964 for imposition of penalty, and assessment was made on 31-8-1964, penalty proceedings were commenced on 29-8-1964, or at any rate, on 31-8-1964, and not on date of issue of notice by IAC to assessee to show cause - Held, yes Section 271, read with section 297(2)(g) of the Income-tax Act, 1961 - Penalties imposable - Assessment years 1955-56 to 1961-62 - Whether Tribunal and IAC do not have unfettered powers to impose whatever penalty they consider necessary - Held, yes - Whether where assessments were completed after 1-4-1962, penalty in respect of assessment years 1955-56 to 1961-62 could be imposed under provisions of 1961 Act - Held, yes - Whether, therefore, Tribunal was not justified in reducing penalty below minimum limit prescribed under section 271(1)(ii) for assessment years in question - Held, yes FACTS Assessments for the assessment years 1955-56 to 1962-63, were completed by the Income-tax Officer under section 143(3)/147 on 31-8-1964, on the basis of the returns filed by the assessee in response to notices under section 148. The total escaped income assessed in those reassessment proceedings came to Rs. 4,29,624 and the tax sought to be evaded in respect…

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