2005 (5) TMI 32

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....r Kumar J.-The facts giving rise to this appeal under section 260A of the Income-tax Act, 1961, (hereinafter referred to as "the Act") are that the assessee filed a return of income declaring loss of Rs. 23,39,372 on October 10,1997. First the case was processed under section 143(1)(a) of the Act, later was selected for scrutiny and notice was issued to the assessee under section 143(2) of the Act....

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....tness of the order of the first appellate authority was questioned by the assessee before the Income-tax Appellate Tribunal. The Income-tax Appellate Tribunal vide its order dated September 14, 2004, accepted the appeals while holding as under: "On the merits also I find that there was a reasonable cause in accepting the loan in cash and again repaying the same in cash, as the society runs a sc....

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....ore us is that the Tribunal has fallen in error of law in recording the above findings. The imposition of penalty upon the assessee is stated to be in accordance with law and as such it is submitted that the order of the Tribunal be set aside and the question of law as framed, be answered in favour of the Revenue. As per the case of the Revenue, the provisions of sections 269SS and 269T of the ....