2014 (2) TMI 377

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....ra learned counsel for the appellant and Shri K.K. Srivastava learned counsel for the assessee. This appeal under Section 260A of the Income Tax Act, 1961 has been filed against the judgment and order of the Tribunal dated 31/10/2007, by which the appeal filed by the assessee before the tribunal was allowed. Proceedings for penalty were initiated against the assessee under Section 271 (1) (c) o....

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....n view of the circular dated 24/10/2005, since as per the said circular the monetary limit of entertaining the appeal under Section 260A of the Act, 1961 is Rs. 4 lacs. He submits that the tax effect being only Rs.3,51,000/- the appeal be not entertained. Shri Shambhu Chopra learned for the appellant submitted that the despite the circular dated 24/10/2005, the appeal be entertained. He has pla....

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....er the exception carved out in the circular dated 24/10/2005. In the present case the tribunal has returned a finding that the assessee could not be said to have concealed his income merely because he surrendered certain amount to buy peace with the department. It was further noted that no notice under Sections 148/143 (2) or 142 (2) was issued to the assessee before he had surrendered the gift....

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..... Ltd. (supra) the said was a case where the case was selected for scrutiny and notices were issued under Sections 143(2) and 142(1) of the Income-tax Act, 1961. Documents had been found in the course of survey proceedings under section 133A conducted on December 16,2003. The Assessing Officer then proceed to seek information from the assessee and issued a show-cause notice dated 26/10/2006. The s....