2006 (5) TMI 77

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....l question of law arising out of the order of the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar, in I.T.A. No. 509 (ASR) of 1999 for the assessment year 1988-89 whereby the penalty, levied under section 271(1)(c) of the Income-tax Act, 1961 (for short "the Act"), has been set aside by the Tribunal: "Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal....

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...., it is found that the assessee furnished the explanation in support of the genuineness of the cash credits appearing in the name of Sh. Harnek Singh by producing him in person and getting his statement recorded. The transactions of receipt and repayment of loan were routed through banking channels. Sh. Harnek Singh categorically admitted of having advanced the sum to the assessee-firm. Simply bec....