2004 (1) TMI 13

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....for the assessment year 1992-93, the Revenue has preferred this appeal as the order of penalty has been cancelled by the Commissioner of Income-tax (Appeals) and such cancellation has been confirmed by the Tribunal. We are not required to examine the facts in detail, but it is apparent that the bank has given the pass book to the assessee which has not reflected the correct figures in respect of ....

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.... the Revenue. Explanation 1 to section 271(1) is also required to be kept in mind at this stage. "Explanation 1. - Where in respect of any facts material to the computation of the total income of any person under this Act,- (A) such person fails to offer an explanation or offers an explanation which is found by the Assessing Officer or the Commissioner (Appeals) or the Commissioner to be false,....