JAI PALACE Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE present appeal is filed by the assessee under Section 260A of the Income Tax Act, 1961 against the order dated 28.02.2005 passed by Income Tax Appellate Tribunal, Agra in I.T.A. No. 187/Agra/2000 for the assessment year 1996 -97.

(2.) ON 07.09.2007, a coordinate Bench has admitted the appeal on the following substantial questions of law :

(3.) THE brief facts of the case are that the assessee has filed the return on 24.12.1996, when his case come under scrutiny, then the assessee has revised the return and has surrendered a sum of Rs. 1,47,000/ - pertaining to the cash credit. The A.O. has made the addition at Rs. 1,47,000/ - and at the same time initiated the penalty proceedings under Section 271(1)(c) of the Act and levied the penalty of Rs. 60,000/ -. The same was confirmed by the appellate authorities. Not being satisfied, the assessee has filed the present appeal.