Mehrotra, J.

1. In this reference the following questions of law have been referred to this court for its opinion :

"1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the provisions of Section 271(1) as they stood prior to the amendment by the Finance Act of 1968 should be applied in the present case ?

2. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the provisions of Section 271(1)(c) read with the Explanation thereof will not apply to the assessment years 1962-63 and 1963-64 even though the returns of income had been filed, after April 1, 1964 ?

3. Whether, on the facts and circumstances of the case, the Tribunal was right is holding that no penalty could be imposed with reference to the cash deposits on the principle of Anwar Ali's case [1970] 76 ITR 696 (SC) even after the amendment of Section 271 in 1964 ?

4. Whether, on the facts and the circumstances of the ease, the Tribunal was justified in holding that the Inspecting Assistant Commissioner had no jurisdiction to impose penalties under Section 271(1)(c) for the assessment years 1962-63, 1963-64, 1965-66,