2001 (7) TMI 69

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....WAHAR LAL GupTA J.-This is a petition under section 256(2) of the Income-tax Act, 1961. The Revenue prays that the Income-tax Appellate Tribunal be directed to refer the following question of law for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in cancelling penalty levied under section 273 when the su....

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.... learned counsel for the Revenue, contends that the assessee had made the disclosure only after it had been cornered. The disclosure was not voluntary. Thus, the Tribunal has erred in reversing the order passed by the Commissioner. Is it so? It is the admitted position that an enquiry was held from January 25 to February 8, 1988. Did the Department find any evidence against the assessee? How wa....