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TMI Blog2002 (1) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... llate Tribunal (for short "the Tribunal"), Amritsar Bench, has referred the following question under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), for determination by this court: "Whether, on the facts and in the circumstances of the case, the Incometax Appellate Tribunal had material before it for holding that penalty under section 271(1)(c) of the Income-tax Act was not exi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd the credit appearing in her capital account was on account of a cheque issued by her against the aforesaid account. The assessee, therefore, claimed that the credit stood duly explained and could not have even been treated as income under section 68 of the Act. It was further explained that the amount of Rs.30,000 deposited by her in her bank account was out of her savings from household expens ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis for his finding that the cash credit, which is added to the assessment, must be treated as concealed income of the assessee. According to him, Explanation 1 to section 271(1) had been wrongly invoked as there was no evidence of concealment of income to warrant levy of penalty under section 271(1)(c). Aggrieved by the order of the Commissioner of Income-tax (Appeals), the Revenue filed an ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amount had come from unaccounted funds of the assessee-firm itself." We are in total agreement with the approach of the Tribunal. The findings of the Tribunal are essentially findings of fact and are based on material on record. Learned counsel for the Revenue has not been able to point out any infirmity in the same. Thus, it cannot be said that the Tribunal had no material before it for hol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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