Law:

Section:

Section 271(1)(c), read with section 256, of the Income-tax Act, 1961 - Penalty - For concealment of income - Assessment year 1968-69 - Tribunal upheld AAC's order cancelling penalty levied under section 271(1)(c) - Whether question as to whether Tribunal was right in upholding AAC's order and whether Tribunal's decision was perverse and not based on facts of case were referable questions of law - Held, yes FACTS The Tribunal upheld the AAC's order cancelling the penalty imposed by the ITO under section 271(1)(c). According to the revenue, the said decision was perverse and not based on the facts of the case. On Application under section 256(2): HELD The question as to whether the Tribunal was right in law in upholding the AAC's order cancelling the penalty imposed by the ITO under section 271(1)(c) and whether, the Tribunal's decision was perverse and not based on the facts of the case were referable questions of law arising out of…

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