1981 (2) TMI 44

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.... 256(1) of the I.T. Act, 1961, the following question has been referred to this court : " Whether, on the facts and in the circumstances of the case, and on a correct interpretation of the Explanation to s. 271(1)(c) of the I.T. Act, 1961, the Tribunal was justified in holding that no penalty u/s. 271(1)(c) could be imposed ? " The Tribunal discussing this appeal observed in the statement of....

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....e or inadequacy of the explanation regarding the nature and source of the cash deposits which were treated as the assessee's income there was any other material to show that the account represented by the cash deposits was the assessee's taxable income of this year. Another finding of the Appellate Tribunal was that the only other items which accounted for the difference between the total income s....

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....erefore, penalty under s. 271(1)(c) does not lie." The finding of facts recorded by the Tribunal, as would be evidenced from the facts stated hereinbefore, have not been challenged by any question raised or challenging the said findings either as perverse or being based on no evidence. In that view of the matter, we would answer the question by saying that the Tribunal was justified in holding ....