1989 (3) TMI 15

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..... 61 : "(1) Whether, on the facts and in the circumstances of the case and in view of the fact that the Explanation to section 271(1)(c) applies in this case, the Tribunal misdirected itself in law in coming to the finding that no fraud or gross or wilful neglect can be attributed to the assessee in not returning the correct income and whether such finding is otherwise unreasonable and/or perverse .....

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..... past records but no fraud, gross or wilful neglect could be attributed to the assessee in not returning the correct income and thus the penalty order could not be sustained. It has not been shown before us what material the Tribunal has not taken into account in coming to its decision. There cannot be any question of perversity in a case like this. It is not a case of misdirection in law by the .....

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