2004 (7) TMI 62

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....apre J.- This is an application made under section 256(2) of the Income-tax Act, 1961, by the Income-tax Department (Revenue) against an order dated November 20, 1998, passed by the Tribunal in case No. RA 107/108/Ind/1998 arising out of I.T.A. Nos. 529 and 530/Ind/1993, whereby the application made by the applicant/petitioner, i.e., the Revenue under section 256(1) of the Act has been rejected ho....

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....d the same were accepted by the authorities. The explanation offered by the assessee was also accepted being sufficient and genuine. It was on this basis, the penalty imposed for the two years in question was set aside by the Commissioner of Income-tax (Appeals) and upheld by the Tribunal. In a case of this nature, no question of law arises. Once the explanation offered by the assessee found fa....