KAWALJIT ENTERPRISES Vs. COMMISSIONER OF INCOME TAX-I

JUDGEMENT

(1.) The present appeal has been filed under Sec. 260-A of Income Tax Act, 1961 (for short, the "Act") assailing the order passed by Income Tax Appellate Tribunal, Bench-B, Hyderabad (for short "Tribunal") in ITA No.649/Hyd/03, dtd. 29/12/2006 for the Assessment Year 1998-99. Vide impugned order, dtd. 29/12/2006, the Tribunal dismissed the appeal filed by the appellant by observing that the appellant failed to satisfactorily explain the income and thereby confirmed the order of the Commissioner of Income Tax (Appeals)-II, Hyderabad [for short, CIT(A)] and levied penalty under Sec. 271(1)(c) of the Act.

(2.) Heard learned counsel Ms. K.Neeraja for the appellant and the learned standing counsel Ms. B.Swapna Reddy for the respondent.

(3.) The brief facts leading to filing of present appeal are as under: