SHVETA NANDA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THIS appeal under S. 260A of the IT Act, 1961 (for short "the Act") has been filed by the assessee against the order dt. 26th Nov., 2007, passed by the Income-tax Appellate Tribunal Chandigarh Bench 'A', Chandigarh (in short "the Tribunal") in ITA No. 191/Chd/2007, relating to the asst. yr. 2003-04.

(2.) THE following substantial question of law has been claimed for determination of this Court :

(3.) THE case of the assessee was later on selected for compulsory scrutiny under S. 143(3) of the Act. During the course of assessment proceedings, it was noticed that the assessee had not declared any additional amount in the return of her income for the asst. yr. 2003-04. The assessee, however, agreed to pay income-tax on the amount of additional income, alongwith interest under S. 234B of the Act, subject to no penal action against her. The AO did not agree with the submissions made on behalf of the assessee and made addition of an amount of Rs. 2,70,000 vide order dt. 8th March, 2006, besides ordering for charging interest thereon, under S. 234B and initiating penalty proceedings under S. 271(1)(c) of the Act.