N.N. Mathur, J.-The Income-tax Appellate Tribunal, Jaipur Bench, has made this reference seeking opinion of

this Court on the following questions: “1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is legally justified in cancelling the penalty imposed under Section 272A(2)(c)?

2. Whether the Income-tax Appellate Tribunal was right in law in holding that no penalty is leviable even though they have held that the assessee has committed a default without reasonable cause?

3. Whether the Income-tax Appellate Tribunal is right in observing that the words ‘deductible’ or ‘collectible’ used in the amended provisions of Section 272A(2)(c) with effect from October 1, 1991, mean the amount of tax which remains to be ‘deducted’ or ‘collected’?

4. Whether the Income-tax Appellate Tribunal was right in law in holding that the monetary limit in respect of penalty under Section 272A(2)(c) prescribed with effect from October 1, 1991, was applicable to defaults committed earlier as well?

5. Whether the Tribunal was right in law in holding that proviso to Section 272A(2)(c) was a procedural provision and, therefore, applied to all pending matt