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2002 (5) TMI 13 - HC - Income Tax"1. Whether, Tribunal is legally justified in cancelling the penalty imposed under section 272A(2)(c)? - 2. Whether Tribunal was right in law in holding that no penalty is leviable even though they have held that the assesses has committed a default without reasonable cause? - 3. Whether Tribunal is right in observing that the words 'deductible' or 'collectible' used in the amended provisions of section 272A(2)(c) with effect from October 1, 1991, mean the amount of tax which remains to be 'deducted' or 'collected'? - 4. Whether Tribunal was right in law in holding that the monetary limit in respect of penalty under section 272A(2)(c) prescribed with effect from October 1, 1991, was applicable to defaults committed earlier as well? - 5. Whether the Tribunal was right in law in holding that proviso to section 272A(2)(c) was a procedural provision and, therefore, applied to all pending matters?" - As regards questions Nos. 1 and 2, we are of the view that the Income-tax Appellate Tribunal was justified in cancelling the penalty imposed under section 272A(2) - As regards question No. 3, we are unable to agree with the reasonings given by the Income-tax Appellate Tribunal - The questions Nos. 4 and 5 do not survive
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