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2004 (10) TMI 50 - HC - Income TaxQuestion of law vis-à-vis Question of fact - Rejection of application made u/s 256(1) by the Tribunal - Tribunal declined to refer the questions holding that the questions proposed are essentially questions of fact - CIT (Appeals) and ITAT were of the view that in order to impose penalty, there must be a categorical finding of fact that the transaction of loan relied on by the assessee was a bogus transaction. It is only then the question of imposition of penalty may arise. We concur with the view so taken as in our opinion: it does not call for any interference. In fact, the view so taken is based on questions of fact and cannot be faulted. - we are not able to find any case much less question of law arising out of the Tribunal's order. The application is thus, liable to be dismissed
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