TMI Blog2005 (2) TMI 90X X X X Extracts X X X X X X X X Extracts X X X X ..... re is no scope for interference by the High Court with a finding recorded, when such finding can be treated to be a finding of fact. We are therefore of the view that there is no substantial question of law that arises out of the order of the Appellate Tribunal as the Appellate Tribunal has rendered a finding of fact. Tribunal has rightly come to the conclusion that the penalty imposed was not war ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty under section 271D of the Act, which was confirmed by the Commissioner of Income-tax (Appeals). The assessee took the matter in further appeal before the Income-tax Appellate Tribunal and the Appellate Tribunal holding that the assessee had reasonable cause to borrow loans, quashed the penalty. Challenging the order of the Appellate Tribunal, the Revenue has filed these appeals. We find ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. K. Subramaniam, learned senior standing counsel for the Revenue, in his fairness, has brought to our attention the decision of the Supreme Court in M. Janardhana Rao v. Joint CIT [2005] 273 ITR 50 wherein the Supreme Court held that in the exercise of the powers under section 260A of the Act, the findings of the fact of the Appellate Tribunal cannot be disturbed and there is no scope for inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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