TMI Blog2005 (11) TMI 42X X X X Extracts X X X X X X X X Extracts X X X X ..... e judgment of the court was delivered by P.D. Dinakaran J.- The above tax case appeals are directed against the order of the Income-tax Appellate Tribunal in I.T.A. Nos. 821/Mds/2000, 822/Mds/2000, 823/Mds/2000 and 824/Mds/2000 dated August 12, 2004. The Revenue is the appellant. The assessment years involved in the present appeals are 1993-1994, 1994-1995, 1995-1996 and 1996-1997, respectively. The brief facts of the case are as follows: (i) The assessee is an individual and he filed income-tax returns for the assessment years in question, within the time allowed under section 139(1) of the Income-tax Act. The assessee filed revised returns for the assessment years 1989-1990 to 1997-1998 on October 6, 1997. In the revised returns, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tantial question of law: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in deleting the addition made by the Assessing Officer to the extent sustained by the Commissioner of Income-tax (Appeals) by way of excess of investment over sources therefor, misdirecting itself in law without considering the weight of evidence, circumstances, sequence of events and legal principles relating to burden of proof?" Admittedly, the assessee is an individual and for the assessment years under consideration, he had filed revised income-tax returns, which was not accepted by the Assessing Officer, who worked out the differences between the investments made by the assessee and the source of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment to the extent of Rs. 11,50,000 by cash. It is further held that the source of money for paying Saranathan Chettiar was genuine and hence the explanation of the assessee should not have been rejected. The Tribunal also found that there was nothing wrong in making direct repayment to the partners of the firm M/s. Chandra Fabrics. Regarding the opening balance of Rs. 5,85,663 in the hands of the family members, the Tribunal agreed with the contentions of the assessee that they had filed returns for the assessment year 1990-91. The Tribunal also agreed with the assessee that the assessee could have had enough savings from earlier years and he was getting good support from his father-in-law in the form of food grains and annual cash gifts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... up before the Madhya Pradesh High Court, the court observed as under: "The Tribunal has considered the materials on record and came to the conclusion that no case was made out for imposing the penalty on the assessee. The Tribunal pointed out that the materials placed on record by the assessee, i.e., the certificate of the Secretary of the Maharani, who was the mother's sister of the assessee, showing that gifts and donations were made by the Maharani of Indore to the assessee from time to time, was not considered while imposing penalty on the assessee. The Tribunal also observed that the assessee voluntarily offered the income for assessment. The Tribunal further considered that the Appellate Assistant Commissioner, throughout the body ..... X X X X Extracts X X X X X X X X Extracts X X X X
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