STANDARD HIND COMPANY Vs. CIT

JUDGEMENT

(1.) The present appeal has been filed under s. 260A of the IT Act, 1961 (hereinafter referred to as 'the Act') and it relates to the asst. yr. 1993-94. The appeal arises out of penalty proceedings under s. 271 (1)(c) of the Act. The following questions of law are involved in the appeal:

(2.) All the aforesaid four questions are interwoven and relate to legality and propriety of levy of penalty under the aforesaid section after not accepting the explanation given by the assessee with regard to the discrepancy in purchase figure detected by the AO.

(3.) The relevant facts may be noticed in brief: