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2002 (8) TMI 86 - HC - Income Tax"Whether, the Appellate Tribunal was right in holding and had valid materials to hold that the assessee has not concealed its income and that penalty under section 271(1)(c) is not exigible for the assessment years 1971-72, 1972-73, 1973-74 especially when the assessee had not maintained the accounts year after year and the income has been grossly understated?" - The Tribunal in this case has clearly held that the estimate given by the assessee was not the result of any gross or wilful negligence and that penalty was not called for. It is clear from a reading of the order of the Tribunal that, the Tribunal was of the view that, the estimates given by the assessee are not such as to be regarded as deliberate underestimate of income. The decision relied on by the Revenue, therefore, is not of any assistance on the facts of this case. - Having regard to the findings of the Tribunal which are findings of fact, the question referred to us at the instance of the Revenue must be and is answered in favour of the assessee and against the Revenue.
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