2002 (1) TMI 51

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....y N. K. SUD J.-The Income-tax Appellate Tribunal (for short "the Tribunal"), Amritsar Bench, has referred the following question under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), for determination by this court: "Whether, on the facts and in the circumstances of the case, the Incometax Appellate Tribunal had material before it for holding that penalty under section 271(....

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.... with the Punjab National Bank, Jaitu, and the credit appearing in her capital account was on account of a cheque issued by her against the aforesaid account. The assessee, therefore, claimed that the credit stood duly explained and could not have even been treated as income under section 68 of the Act. It was further explained that the amount of Rs.30,000 deposited by her in her bank account was ....

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.... He further held that there was no legal basis for his finding that the cash credit, which is added to the assessment, must be treated as concealed income of the assessee. According to him, Explanation 1 to section 271(1) had been wrongly invoked as there was no evidence of concealment of income to warrant levy of penalty under section 271(1)(c). Aggrieved by the order of the Commissioner of In....

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....as no material in support of the fact that the amount had come from unaccounted funds of the assessee-firm itself." We are in total agreement with the approach of the Tribunal. The findings of the Tribunal are essentially findings of fact and are based on material on record. Learned counsel for the Revenue has not been able to point out any infirmity in the same. Thus, it cannot be said that th....