ARJUN MALHOTRA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) Ita Nos.405/2005 and 406/2005 have been filed by an individual, Arjun Malhotra impugning common order dated 29th January, 2004 passed by the Income Tax Appellate Tribunal (hereinafter referred to as "the tribunal") deciding ITA Nos.1433/Del/2002 and 1434/Del/2002 relating to Assessment Years (AY, for short) 1998-99 and 1999-2000, respectively. The afore-stated appeals were admitted for hearing vide order dated 15 th July, 2005 on the following substantial questions of law:- ITA No. 406/2005

(2.) Ita No.389/2007 filed by the Director of Income Tax, i.e. the Revenue, relates to AY 1999-2000 and impugns order dated 23rd June, 2006 passed by the tribunal in Appeal No.1167/Del/2005 deleting/cancelling penalty for concealment of income under Section 271(1)(c) of the Income Tax Act, 1961 (for short "the Act"). This appeal, vide order dated 16th July, 2008, was directed to be listed along with ITA Nos.405/2005 and 406/2005 without a substantial question of law being framed.

(3.) The assessee for the AY 1998-99 had filed his return of income of Rs.2,33,89,820/- on 15th September, 1998. The income was revised to Rs.2,33,49,680/- vide revised return filed on 29 th June, 1999.