9911796707
TMI Blog2004 (1) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessment year 1992-93, the Revenue has preferred this appeal as the order of penalty has been cancelled by the Commissioner of Income-tax (Appeals) and such cancellation has been confirmed by the Tribunal. We are not required to examine the facts in detail, but it is apparent that the bank has given the pass book to the assessee which has not reflected the correct figures in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Revenue. Explanation 1 to section 271(1) is also required to be kept in mind at this stage. "Explanation 1. - Where in respect of any facts material to the computation of the total income of any person under this Act,- (A) such person fails to offer an explanation or offers an explanation which is found by the Assessing Officer or the Commissioner (Appeals) or the Commissioner to be false ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accepted as indicated by the lower authorities, the assessee would be absolved of liabilities of penalty. There are two sets of evidence, one produced by the assessee in the form of a pass book and another copy of the bank ledger. The pass book normally reflects whatever is in the ledger but, if in respect of two entries there is an error committed by the bank officials and the same is relied upon ..... X X X X Extracts X X X X X X X X Extracts X X X X
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