ALOK B. MATHUR Vs. APPEAL XXVIII

JUDGEMENT

(1.) THIS appeal is preferred by the assessee against the orders dated 30.06.2010 passed by the Income Tax Appellate Tribunal (hereinafter referred to as 'the Tribunal) affirming the order of penalty levied under Section 271 (1) (c) of the Income Tax Act (for brevity 'the Act), which was affirmed by the Commissioner of Income Tax (Appeals) as well. The penalty came to be imposed under the following circumstances:

(2.) PURSUANT thereto, the assessee filed income tax return declared at Rs. 35,45,980.00 on asking explanation of sources of loan of Rs. 35 lacs given to Shri Rajesh Duggal. He submitted that he was unable to find old records and to gain peace of mind, he voluntarily surrendered the amount of Rs. 35 lacs for the Assessment Year 2001-02. In these circumstances, addition of Rs. 35 lacs was made.

(3.) FEELING aggrieved by the above decision of the CIT (A), the assessee approached the Tribunal. While dismissing the appeal, the Tribunal accepted the view of the CIT (A).