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2002 (9) TMI 42 - HC - Income Tax"Whether, in law and on facts, the Appellate Tribunal has rightly reached a conclusion that the penal provisions could not be invoked in the case of the assessee ?" - the Revenue has to establish that the assessee, when it filed a particular estimate, knew or had reason to believe that it was not genuine and was spurious. Such mental state of the assessee can be inferred from the relevant objective facts. In the instant case, the Tribunal has come to a specific finding that the data which had been submitted by the assessee, while giving the estimates, was based on the budgeted data which the assessee believed to be true. - we are of the view that the Tribunal had rightly reached a conclusion that the penal provision could not have been invoked in the case of the assessee. Under the circumstances, we answer the question in the affirmative, i.e., in favour of the assessee and against the Revenue.
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