2004 (9) TMI 65

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..... 13,900 - assessee could not offer any plausible explanation before the Tribunal. The Tribunal has upheld the levy of penalty. We do not find any infirmity in the order of the Tribunal. - - - - - Dated:- 28-9-2004 - Judge(s) : R. K. AGRAWAL., PRAKASH KRISHNA. JUDGMENT The Income-tax Appellate Tribunal, New Delhi, has referred the following question of law under section 256(1) of the Income .....

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..... estment of Rs. 23,000. A penalty proceeding under section 271(1)(c) of the Act was initiated and ultimately the Tribunal has upheld the imposition of the penalty of Rs. 23,000. It has found that the applicant has not maintained any books of account and has further disclosed its income for the assessment year 1975-76 only to the tune of Rs. 13,900. The assessee could not offer any plausible explana .....

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