9911796707
TMI Blog2005 (9) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... e learned Members of the Income-tax Appellate Tribunal in I.T.A. No.437/Ind./2003 for the assessment year 1998-99. The question that arises for consideration in this appeal is, whether appeal involves any substantial question of law within the meaning of section 260A of the Act? Heard Shri G.M. Chafekar, learned senior counsel with Shri P. Prasad, learned counsel for the appellant. Having hear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r committing contravention of section 269SS of the Act, the penalty proceedings have been initiated against the assessee. The question relating to the payment and its receipt by the assessee was examined in detail by the Tribunal in para 4 which we would like to quote verbatim infra to show that the impugned finding does not call for any interference. This is what the Tribunal while upholding the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000. Out of this, a sum of Rs. 1,77,780 has been straightaway transferred to share application account. This clearly shows that money was never received in the form of share application because the same was not credited under the head 'Share application money'. Even if it is presumed that the account has not been specifically titled as share application money account, it would appear to be only an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 260A ibid. In fact, the Tribunal as a last court of fact went into the question of fact independently and then concluded on the facts that the explanation offered by the assessee is not correct and, hence, a case of contravention of section 269SS is made out. We are not inclined to hold that the aforesaid finding recorded by the Tribunal involves any substantial question of law. In thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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