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2005 (2) TMI 69 - HC - Income TaxPenalty – Cash credits – filing of revised return - concealment - "Whether, Tribunal was right in law in cancelling the penalty levied under section 271(1)(c) particularly when the assessee had surrendered the amount of cash credit in the revised return of income when it failed to prove the genuineness of the creditors - Tribunal concurred with the reasons assigned by the Commissioner of Income-tax (Appeals) and held that the assessee by producing evidence in the form of affidavits of Naresh Kumar and two creditors has been able to prove the genuineness of the cash credits. In our opinion, the findings of the Commissioner of Income-tax (Appeals) and the Tribunal on the issue of source of income of the creditors, etc., are pure findings of fact - question of law framed by the appellant-revenue cannot be treated as a substantial question of law – appeal dismissed
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