https://www.taxtmi.com/caselaws?id=16800 Factual appreciation of the year of taxable income and the propriety of penalty did not give rise to a referable question of law under the Income-tax Act, 1961. The court accepted that the disputed amount was not recovered from the assessee in the search, that the assessee could declare the income within the relevant period, and that the Tribunal was justified in treating the amount as income of the current year and setting aside the penalty. The ancillary issue concerning the Rs. 25,000 amount was also held to be factual. The reference application was dismissed. en-us Wed, 22 Apr 1998 00:00:00 +0530 Sat, 12 Sep 2009 12:57:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16800 Factual appreciation of the year of taxable income and the propriety of penalty did not give rise to a referable question of law under the Income-tax Act, 1961. The court accepted that the disputed amount was not recovered from the assessee in the search, that the assessee could declare the income within the relevant period, and that the Tribunal was justified in treating the amount as income of the current year and setting aside the penalty. The ancillary issue concerning the Rs. 25,000 amount was also held to be factual. The reference application was dismissed. Case-Laws Income Tax Wed, 22 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16800