2006 (5) TMI 83

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....ing substantial question of law arising out of the order passed by the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for short "the Tribunal") passed in I.T.A. No. 180/Chandi/2004, dated June 25, 2004, for the assessment year 1987-88: "(i) Whether the Income-tax Appellate Tribunal was justified in law in sustaining the penalty of Rs. 50,000 under section 271(1)(c) when it was a c....

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....ch was reduced to Rs. 2,00,300 by the Commissioner of Income-tax (Appeals) (for short "the CIT(A)"). This order was confirmed by the Tribunal. Undisputed facts of the case are that the original income declared by the assessee was Rs. 99,840. Even in response to notice under section 148 of the Act, the income declared was Rs. 1,50,070, whereas it was finally assessed at Rs. 2,00,300. Since the a....

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....he assessee remained at Rs. 50,200. Against this order the assessee went in appeal before the Tribunal, who rejected the same while recording the following findings: "5. We find that in this case there is no dispute regarding the fact that the assessee had shown less receipt during the course of original assessment. The plea that the assessee had no intention to conceal the income is only based....

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....the mistake, as was sought to be explained by the assessee in non declaring the receipt of amount from the Haryana State Agricultural Marketing Board, was not a bona fide mistake. On consideration of the entire material on record, all the authorities below came to the conclusion that showing of less receipt of amount by the assessee itself proved the concealment. Even otherwise in the case in hand....