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2002 (8) TMI 13 - HC - Income TaxPenalty u/s 271(1)(c) - Whether, Tribunal is legally justified in cancelling the penalty u/s 271(1)(c) even after giving clear finding that the assessee made a punishable default u/s 271(1)(c)? – Whether Tribunal is justified in cancelling the penalty u/s 271(1)(c) on the ground that under similar circumstances no penalty was levied in the case of a sister concern?" - reading of the order of the Tribunal clearly shows that respondent-assessee agreed for the addition and then had withdrawn the appeal to buy peace of mind and to avoid litigation on a clear understanding given by the Revenue that no penalty would be levied -The said finding is a finding of fact. Thus, in our opinion, no referable question arises.
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