2002 (11) TMI 33

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..... ure 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. - - - - - Dated:- 26-11-2002 - Judge(s) : D. K. JAIN., MRS. SHARDA AGGARWAL. JUDGMENT This appeal under section 260A of the Income-tax Act, 1961, by the Reve .....

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..... 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 from one Laxmi Chand Bhagaji of Bombay. While affirming the order passed by the Commissioner of Income-tax (Appeals), the Tribunal has foun .....

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..... 985-86 on account of the said loan was not challenged further by the assessee, does not ipso facto show that the assessee had furnished inaccurate particulars of her income in respect of the assessment year 1985-86 and penalty under section 271(1)(c) of the Act could be sustained on the basis of the order of the Tribunal in the quantum appeal. We do not find any perversity in the order of the Tr .....

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