COMMISSIONER OF INCOME TAX Vs. VASANTHA ANIRUDHAN

JUDGEMENT

(1.) The Revenue is in appeal raising questions of law from the order of the Income Tax Appellate Tribunal produced as Annexure-H. The questions of law framed at the time of admission as raised in the memorandum of appeal, are as follows:-

(2.) Whether, on the facts and in the circumstances of the case and in the light of sub clause (B) to Explanation 1 and in the absence of a positive finding by the Tribunal that the explanation is bona fide, the Tribunal is right in law and fact and with jurisdiction in cancelling the penalty?

(3.) Whether, on the facts and in the circumstances of the case, the assessee discharged the burden that lay on him?