2005 (9) TMI 75

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....he Income-tax Act, 1961, against the order, dated October 24,2004, passed by the learned Members of the Income-tax Appellate Tribunal in I.T.A. No.437/Ind./2003 for the assessment year 1998-99. The question that arises for consideration in this appeal is, whether appeal involves any substantial question of law within the meaning of section 260A of the Act? Heard Shri G.M. Chafekar, learned seni....

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....s. 20,000 thereby contravening the provisions of section 269SS of the Act. It is for committing contravention of section 269SS of the Act, the penalty proceedings have been initiated against the assessee. The question relating to the payment and its receipt by the assessee was examined in detail by the Tribunal in para 4 which we would like to quote verbatim infra to show that the impugned finding....

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....ng to Rs. 1,20,000 and the total amount of credit in this account comes to Rs. 2,05,000. Out of this, a sum of Rs. 1,77,780 has been straightaway transferred to share application account. This clearly shows that money was never received in the form of share application because the same was not credited under the head 'Share application money'. Even if it is presumed that the account has not been s....

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....o question of law much less a substantial question of law so as to attract the rigour of section 260A ibid. In fact, the Tribunal as a last court of fact went into the question of fact independently and then concluded on the facts that the explanation offered by the assessee is not correct and, hence, a case of contravention of section 269SS is made out. We are not inclined to hold that the afores....