https://www.taxtmi.com/caselaws?id=10392 The High Court dismissed the Revenue's application under section 256(2) of the Income-tax Act, concurring with the Tribunal's decision that the proposed questions were factual and not eligible for reference. Regarding the penalty imposed on the assessee under section 271(1)(c) for alleged bogus loans, the High Court upheld the lower authorities' decisions, emphasizing the necessity of a factual finding of fraudulence before imposing penalties. The judgment highlights the significance of factual determinations in penalty imposition under tax laws, emphasizing the requirement for clear findings to justify penal actions. en-us Mon, 04 Oct 2004 00:00:00 +0530 Wed, 15 Jul 2009 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10392 The High Court dismissed the Revenue's application under section 256(2) of the Income-tax Act, concurring with the Tribunal's decision that the proposed questions were factual and not eligible for reference. Regarding the penalty imposed on the assessee under section 271(1)(c) for alleged bogus loans, the High Court upheld the lower authorities' decisions, emphasizing the necessity of a factual finding of fraudulence before imposing penalties. The judgment highlights the significance of factual determinations in penalty imposition under tax laws, emphasizing the requirement for clear findings to justify penal actions. Case-Laws Income Tax Mon, 04 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10392