1991 (12) TMI 55

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..... o this court, the case arising out of its order dated December 7, 1990, passed in I.T.A No. 193/IND/85, assessment year 1979-80 and its refusal to refer the case by order dated March 27, 1991, passed in R. A. No. 28/IND/91. It was strenuously argued by learned standing counsel that the explanation offered by the assessee-opponent was palpably false and as such penalty should have been imposed on h .....

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..... rsity of the order does not raise a question of law ; but, in the circumstances of the case, the Tribunal has categorically found that there was no concealment of income. The explanation offered by the assessee was not held to be false. In the assessment proceedings, it was plausible, though not believable. In the instant case, we find no perversity in the order. No referable question of law can b .....

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