2003 (4) TMI 72 - PUNJAB AND HARYANA HIGH COURT

"Whether, Tribunal is justified in law in cancelling the penalty of Rs. 4,38,172 levied under section 271(1)(c), holding that the penalty imposed was not valid and jurisdiction to impose the same was illegally assumed without recording a proper satisfaction, whereas the Assessing Officer passed a speaking order under section 271(1)(c) establishing that the assessee had wilfully and deliberately concealed the true and correct particulars of its income, a reference to which was duly made in the assessment order by way of initiating penalty proceedings under section 271(1)(c)?" - In our opinion, the reasons assigned by the Tribunal for cancellation of the penalty are legally correct and the order passed by it does not give rise to any question of law, much less a substantial question of law requiring determination by this court under section 260A of the Act.