2004 (7) TMI 62

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..... ccepted being sufficient and genuine. It was on this basis, the penalty imposed was set aside by the Commissioner of Income-tax (Appeals) and upheld by the Tribunal. - Once the explanation offered by the assessee found favour with the authorities and the report was taken on record, this court as a reference court cannot again probe into the sufficiency of cause in filing the audit report. - In a c .....

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..... We concur with the finding of the Tribunal when it was held that no referable question of law within the meaning of section 256(1) of the Act is made out. We thus, also decline to call for the reference on the questions proposed at the instance of the Revenue. Let us see the facts. In substance, the question sought to be raised by the Revenue was in relation to imposition of penalty under sect .....

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..... not a case of non-filing but it is a case of late filing and the same having been explained, nothing remains for the High Court to again examine the case de novo. It being a settled view of the Supreme Court that every breach howsoever technical or venial it be, does not give rise to imposition of penalty. Something more than the mere breach should be noticed in the conduct of the assessee to a .....

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