2009 (8) TMI 138

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....ion of law under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as "the Act" for opinion to this court : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was legally correct in upholding the order of the first appellate authority cancelling the penalty of Rs. 1,00,000 imposed under section 271B of the Act on the ground that no penalty unde....

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....the Act, vide his order dated April 22, 1993. The assessee preferred an appeal before the Commissioner of Income-tax (Appeals), who relying on certain decisions of the Income-tax Appellate Tribunal, vide order dated December 23, 1993, had cancelled the penalty on the ground that as the audit report had been obtained before the specified date, penalty could not be imposed under section 271B of the ....