2002 (8) TMI 17

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....led under section 256(2) of the Income-tax Act, 1961, seeking opinion of this court on the following question: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally justified in cancelling the penalty imposed under section 271(1)(c) of the Income-tax Act, 1961 ?" The assessee is a firm carrying on the business of processing of grey cloth. ....