Penalty Cancelled for Lack of Evidence in Income Tax Case

The High Court of Punjab and Haryana dismissed a petition under section 256(2) of the Income-tax Act, 1961, regarding the cancellation of a penalty under section 273. The Tribunal's decision to cancel the penalty was upheld due to lack of evidence of income concealment by the assessee. The court found no basis to direct the Tribunal to refer any question for its opinion. The petition was ultimately dismissed.

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The High Court of Punjab and Haryana dismissed a petition under section 256(2) of the Income-tax Act, 1961, regarding the cancellation of a penalty under section 273. The Tribunal's decision to cancel the penalty was upheld as there was no evidence of concealment of income by the assessee. The court found no grounds to direct the Tribunal to refer any question to it for opinion. The petition was dismissed.

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