(Per : HONOURABLE MR.JUSTICE V. M. SAHAI) 1.0 We have heard Mr. M. R. Bhatt learned senior counsel for Mrs. Mauna Bhatt for the Revenue and Mr. R. K. Patel learned counsel for the assessee.
2.0 Admit.
3.0 We formulate the following substantial questions of law.
"[A] Whether the Appellate Tribunal is right in law and on facts in restricting the penalty levied u/s. 140A(3) r.w.s. 221 to Rs.4,42,447/-?
[B] Whether the Appellate Tribunal has erred in not appreciating that the appeal of the assessee was not maintainable before the CIT(A) u/s.249(4) of the act?"
4.0 Paper-book be ready within three months.
[V.
M. SAHAI, J.] [N.
V. ANJARIA, J.] Amit Top