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2005 (1) TMI 66 - HC - Income TaxPenalty – Question of law - "Whether Tribunal has been right in law in confirming the order of the Appellate Assistant Commissioner holding that penalty cannot be levied solely on the basis of reasons given in the original order of assessment?" - assessee had failed to discharge the onus which lay upon him to explain cash credits - In our considered view, the question of law referred by the Tribunal did arise from the order passed by it in the penalty proceedings because the Appellate Assistant Commissioner and the Tribunal had not considered the Explanation added to section 271(1)(c) by the Finance Act, 1964. - In the result, the question referred to this court is answered in favour of the Revenue and against the assessee.
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