https://www.taxtmi.com/caselaws?id=16559 The application seeking reference of questions of law under section 256(2) of the Income-tax Act, 1961 was rejected as the Tribunal's order, which canceled the penalty imposed under section 271(1)(c), was upheld. The Tribunal concluded that the transfer of funds was genuine and not indicative of concealment, emphasizing the importance of factual assessment in determining concealment of income. The Tribunal's decision was based on factual findings and did not raise any legal issues, leading to the rejection of the application. en-us Thu, 25 Sep 1997 00:00:00 +0530 Tue, 08 Sep 2009 15:23:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16559 The application seeking reference of questions of law under section 256(2) of the Income-tax Act, 1961 was rejected as the Tribunal's order, which canceled the penalty imposed under section 271(1)(c), was upheld. The Tribunal concluded that the transfer of funds was genuine and not indicative of concealment, emphasizing the importance of factual assessment in determining concealment of income. The Tribunal's decision was based on factual findings and did not raise any legal issues, leading to the rejection of the application. Case-Laws Income Tax Thu, 25 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16559