TMI Blog2007 (9) TMI 259X X X X Extracts X X X X X X X X Extracts X X X X ..... requirement of the law - AO has also made a note of the failure on the part of the assessee to explain the source of credits in her bank account, and that she adduced no evidence to support the genuine-ness of such credits – revenue appeal allowed - 1088 of 2006 - - - Dated:- 17-9-2007 - MADAN B. LOKUR and DR. S. MURALIDHAR JJ. J. R. Goel for the appellant. K. Sampath, A. K. Raghavan a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. [2000] 246 ITR 568 ? 3. Admit. 4. The following substantial question of law is framed for consideration : "Whether, in view of the endorsement in the assessment order to the effect that penalty proceedings under section 271(1)(c) of the Act are being initiated for furnishing inaccurate particulars, the Income-tax Appellate Tribunal erred in cancelling the penalty by relying on the j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 32 as above. Issue demand notice and challan. The charge interest under sections 234B and 234C. Penalty proceedings under section 271(1)(c) for furnishing inaccurate particulars of income have separately been initiated. Give credit of tax paid voluntarily on March 8, 2004, of Rs. 15,61,617, vide copy of challan placed on record. Also give credit of Rs. 333 paid under self assessment at the time fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT v. S. V. Angidi Chettiar [1962] 44 ITR 739 inasmuch as there is a satisfaction recorded therein that penalty proceedings be initiated for furnishing inaccurate particulars. Moreover, in the paragraph just preceding the above, the Assessing Officer has also made a note of the failure on the part of the assessee to explain the source of credits in her bank account, and that she adduced no evide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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