https://www.taxtmi.com/caselaws?id=11583 Cancellation of penalty under section 271(1)(c) was sustained because the assessee's explanation for the default was found plausible and bona fide on the material on record. The High Court treated that conclusion as a finding of fact, not open to interference in reference jurisdiction, and held that no referable question of law arose from the Tribunal's order. The penalty cancellation was therefore upheld and the reference application was rejected. en-us Thu, 08 Aug 2002 00:00:00 +0530 Sat, 30 Jan 2010 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11583 Cancellation of penalty under section 271(1)(c) was sustained because the assessee's explanation for the default was found plausible and bona fide on the material on record. The High Court treated that conclusion as a finding of fact, not open to interference in reference jurisdiction, and held that no referable question of law arose from the Tribunal's order. The penalty cancellation was therefore upheld and the reference application was rejected. Case-Laws Income Tax Thu, 08 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11583