2002 (11) TMI 33 - HC - Income Tax

Penalty under section 271(1)(c) - whether the Tribunal was justified in confirming the order passed by the Commissioner of Income-tax (Appeals), deleting the penalty levied on the assessee under section 271(1)(c) of the Act. The said penalty was imposed for alleged failure on her part to explain the source of a sum of Rs. 6 lakhs, claimed to have been taken as loan - We do not find any perversity in the order of the Tribunal giving rise to any question of law much less a substantial question of law.

Summary

The High Court of Delhi dismissed the Revenue's appeal against the Income-tax Appellate Tribunal's order deleting penalty under section 271(1)(c) for failure to explain the source of a loan. The Tribunal's findings were based on relevant material, and the genuineness of the loan was examined in the correct assessment year. The Court found no perversity in the Tribunal's order. The appeal was dismissed.