https://www.taxtmi.com/caselaws?id=17167 Penalty under section 271(1)(a) of the Income-tax Act, 1961 was cancelled by the Tribunal on the basis of delay linked to finalisation of firm accounts, but no finding was recorded on whether there was sufficient cause for not finalising those accounts. That omission gave rise to a legal question on whether the cancellation could be sustained without such a finding, and whether the matter was referable under section 256(2). The High Court held that a question of law did arise and directed the Tribunal to state the case and refer the reframed question. en-us Fri, 23 Jan 1998 00:00:00 +0530 Tue, 15 Sep 2009 15:26:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17167 Penalty under section 271(1)(a) of the Income-tax Act, 1961 was cancelled by the Tribunal on the basis of delay linked to finalisation of firm accounts, but no finding was recorded on whether there was sufficient cause for not finalising those accounts. That omission gave rise to a legal question on whether the cancellation could be sustained without such a finding, and whether the matter was referable under section 256(2). The High Court held that a question of law did arise and directed the Tribunal to state the case and refer the reframed question. Case-Laws Income Tax Fri, 23 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17167