1998 (4) TMI 115

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.... V. MARUTHI J.---By this application, the Revenue seeks a direction to the Tribunal to refer the following question for the opinion of this court : "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is justified in law in coming to the conclusion that penalty under section 273(2)(a)/273(2)(aa) cannot be imposed in a case where interest under section 2....

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....-tax (Appeals) cancelled the penalty on the ground that the assessee could not make a fair and intelligent guess of advance tax liability. He found that there is no mala fide intention on the part of the assessee. On further appeal, the Tribunal held that since the interest is waived no penalty can be imposed, and the request of the Revenue to refer the case for the opinion of this court was rejec....