( 1 ) IN this reference Under Section 256 (1) of the I. T. Act, 1961, the following question has been referred to this court :"whether, on the facts and in the circumstances of the case, and on a correct interpretation of the Explanation to Section 271 (1) (c) of the I. T. Act, 1961, the Tribunal was justified in holding that no penalty Under Section 271 (1) (c) could be imposed ?"

( 2 ) THE Tribunal discussing this appeal observed in the statement of the case as follows:"aggrieved by the imposition of penalty the assessee came up in appeal before the Appellate Tribunal. The Appellate Tribunal considered the submission of the assessee's learned counsel, Shri Das, that the cash deposits were deleted from the assessee's total income by the AAC and, therefore, even if the addition on account of these cash deposits was restored by the Appellate Tribunal in the quantum appeal, held that it was at best an item in respect of which two opinions were possible and there can be no question of any concealment or furnishing of inaccurate particulars or fraud or gross or wilful neglect on the part of the assessee on this account. The Appellate Tribunal also held that the