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2004 (11) TMI 95 - HC - Income TaxPenalty - "1. Whether Tribunal was legally correct in reviewing its own finding recorded in the quantum appeal and in holding that earlier finding was not correct on fact? 2. Whether Tribunal is vitiated as it has failed to consider the concealment admitted by the assessee himself in the revised return? 3. Whether, Tribunal is legally correct in cancelling the penalty for concealment?" - Tribunal on appreciation of evidence has come to the conclusion that Rs. 37,000 was sufficient to meet the turnover of business during the year in question and thus there was neither any fraud or wilful concealment on the part of the respondent-assessee. The findings recorded by the Tribunal are based on appreciation of evidence and material on record and do not suffer from any legal infirmity. – Thus, we answer the aforesaid questions Nos. 1 and 3 referred to us in the affirmative and question No. 2 in the negative, i.e., in favour of the assessee and against the Revenue
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