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2003 (2) TMI 47 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is justified in cancelling the penalty imposed under section 271B of the Act on the ground that there was no absolute default on the part of the assessee to get the accounts audited?" - it seems to us that there was no absolute rejection of the reasonable cause by the learned Tribunal if we reconcile the different parts of the order together and then that, which is in favour of the assessee may be accepted. We, therefore, answer the question in the negative, in favour of the Revenue with regard to the theory of absolute default, but having regard to the facts and circumstances of the present case on the ground that the learned Tribunal did not come to a definite finding that there was no reasonable cause as is apparent from its observation on the facts peculiar to this case, we decline to interfere with the order of the learned Tribunal cancelling the penalty.
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