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2003 (1) TMI 60 - HC - Income Tax"Whether the Appellate Tribunal is right in law in confirming the penalty only in respect of an amount of Rs. 31,000 and thereby cancelling the balance penalty levied under section 271(1)(c) of the Income-tax Act, 1961 ?" - The assessee admitted that he had purchased the car for Rs. 31,000 and, therefore, that was a valid basis on which the Tribunal held that there, admittedly, was concealment of income to the tune of Rs. 31,000. As regards the amount which was in excess of Rs. 31,000, the Tribunal has found that it was a mere estimate by the Income tax Officer while fixing the amount that went into the purchase of the car. The finding of the Tribunal that the amount which was in excess of Rs. 31,000 involved a factor of estimate, on the basis of lack of evidence, cannot be said to be a perverse or unreasonable finding. The question referred to us is, therefore, answered in the affirmative, against the Revenue and in favour of the assessee.
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