2008 (3) TMI 748

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....ENT C.N. Ramachandran Nair, This is a reference at the instance of the Revenue against the order of the Tribunal cancelling penalty levied on the assessee under s. 271(1)(c) of the IT Act for the asst. yr. 1990-91. The respondent is an advocate and power of attorney holder of the assessee by name M.K. Ali. A search was conducted in the assessee's premises on 14th Feb., 1990 and during searc....

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....ty levied under s. 271(1)(c) of the Act to the minimum amount. Even though assessee filed appeal against penalty order, the same was rejected by the first appellate authority, namely, CIT(A). However, on second appeal by the assessee, the Tribunal cancelled the penalty on the assumption that prior to the due date for filing of return, the assessee returned the income and paid tax thereon. It is ag....

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.... of cash by the Department, the assessee proceeded to contend that the amount belonged to another person, but failed to prove the same. Even though counsel for the assessee relied on the decisions of the Supreme Court in Dilip N. Shroff vs. Jt CIT [2007] 210 CTR (SC) 228 : [2007] 291 ITR 519 (SC) and T. Ashok Pai vs. CIT [2007] 210 CTR (SC) 259 : [2007] 292 ITR 11 (SC), we notice that facts in the....