2002 (1) TMI 31

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....R LAL GUPTA J.-The Income-tax Appellate Tribunal has referred the following question for the opinion of this court: "Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was right in law in cancelling the penalty of Rs. 29,663 imposed under section 271(1)(c) of the Income-tax Act, 1961?" The dispute relates to the assessment year 1978-79. The assessee had fi....