- (1.) We have heard Sri Dhananjay Awasthi, learned counsel appearing for the appellant and Sri Ashish Bansal, learned counsel appearing for the assessee.
(2.) This appeal under Section 260-A of the Income Tax Appeal, 1961 has been filed by the Department against the judgment and order dated 12.09.2002 of the Income Tax Appellate Tribunal.
(3.) In the appeal following two questions of law have been framed for consideration:- "1. Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal is legally justified in holding the A.O., should prove mensrea of the assessee that it concealed the income to evade tax. 2. Whether on the facts and in the circumstances of the case, the Hon'ble ITAT is legally correct to uphold the order of the CIT (A), Agra canceling the penalty under Section 271 (1)(c) imposed at Rs. 2,10,000/- without appreciating the fact that the revised return was filed only of the detection of bogus liabilities.;