1995 (12) TMI 27 - HC - Income Tax

Summary

The High Court dismissed the Revenue's application under section 256(2) of the Income-tax Act, 1961, seeking reference of questions of law regarding cancellation of penalty imposed on an assessee. The Tribunal's decision to cancel the penalty was upheld as not perverse, and no legal question arose from the findings of fact. The application was deemed meritless and dismissed.