2008 (2) TMI 55

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....The Revenue has filed the present appeal against the order dated April 19, 2007, passed by the Income-tax Appellate Tribunal, Delhi Bench "H", New Delhi, in I. T. A. No. 328/Delhi of 2006 in the case of the respondent/assessee for the assessment year 1998-99 raising the following substantial questions of law: "(i) Whether the hon'ble Income-tax Appellate Tribunal was right in law in deleting th....

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....d enhanced compensation received at Rs. 7,68,172.75 and interest on enhanced compensation at Rs. 4,351 in the computation sheet but did not offer the same for tax. The assessment was completed under section 143(3) of the Income-tax Act in the status of a Hindu undivided family by the income-tax Officer, Ward-8, Faridabad, vide order dated January 31, 2001, at an income of Rs. 3,19,767. This order ....

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....100 per cent. of tax sought to be evaded. 5. The appeal field by the assessee against the order of the penalty proceedings was accepted by the Commissioner of Income-tax (Appeals), Faridabad, vide his order dated November 25, 2005. 6. While allowing the appeal, the Commissioner of Income-tax (Appeals) held that the taxability of the enhanced compensation and interest thereon is the matter of....

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.... account of tax and, therefore, the explanation offered by the assessee in respect of the facts material to the computation of total income have been found to be false and, therefore, the penalty under section 271(1)(c) has been rightly imposed. 9. Learned counsel for the Revenue has been heard and record perused. 10. We find that the arguments raised by counsel for the Revenue are without a....