2002 (8) TMI 17

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..... that the assessee had given a plausible and bona fide explanation for its having failed to file the return of income and, that the said finding of fact does not call for any interference. - - - - - Dated:- 8-8-2002 - Judge(s) : N. N. MATHUR., H. R. PANWAR. JUDGMENT This reference application at the instance of the Revenue has been filed under section 256(2) of the Income-tax Act, 1961, se .....

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..... section 271(1)(c) and imposed a penalty of Rs. 1,04,954 as he found that the explanation given by the assessee was not bona fide and genuine. The appeal preferred by the assessee was rejected. However, the Tribunal on thorough appreciation of the material on record, found the explanation, given by the assessee, bona fide and genuine. Accordingly, the Income-tax Appellate Tribunal cancelled the pen .....

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