9911796707
TMI Blog2001 (5) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act"), the following question has been referred by the Income-tax Appellate Tribunal, Delhi Bench "A" (in short "the Tribunal"), for the opinion of this court: "Whether, on the facts and circumstances of the case, the Tribunal was justified in law in holding that the levy of penalty for concealment was correct?" In short the factual position as emerges from the statement of case is as follo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal. The assessee moved an application under section 256(1) of the Act for reference of a question, stated to be a question of law. The same having been rejected by the Tribunal, this court was moved and pursuant to the directions given by this court, the question as set out above has been referred for opinion. We have heard learned counsel for the parties. Learned counsel for the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct giving rise to no question of law. We find that the forums below have analysed the case of the assessee and the explanation offered by him and concluded that the source of the loan allegedly obtained was not properly explained. This conclusion is also one of fact. That being the position, no question of law arises out of the order of the Tribunal. Therefore, we decline to answer the question re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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