LAWS(P&H)-2009-7-180

PREMPAL GANDHI Vs. COMMISSIONER OF INCOME TAX

Decided On July 22, 2009
Prempal Gandhi Appellant
V/S
COMMISSIONER OF INCOME TAX Respondents

JUDGEMENT

(1.) THE assessee has preferred this appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as, "the Act") against the order of Tribunal, Amritsar Bench, Amritsar dated 12 -1 -2009 passed in ITA No. 383/Asr/2008 for the assessment year 1999 -2000, proposing to raise following substantial questions of law:

(2.) THE assessee derives income from property dealings. After assessment was completed, it came to the notice of the assessing officer that assessee had substantial transactions in bank which were not disclosed. Proceedings were initiated for reassessment. The assessee filed revised return and offered the peak credits in the bank account and interest thereon, with a condition that no penalty be imposed and he may not be prosecuted. The assessing officer did not accept the conditions. The assessing officer completed the assessment and also initiated proceedings for penalty for the assessment years in question. After following due procedure, penalty was imposed.

(3.) THE Tribunal reversed the view taken by the Commissioner (Appeals) and maintained the order of penalty. It was observed: