1998 (4) TMI 120

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..... en recovered from one Sanjay Kumar on May 30, 1988, to the tune of Rs. 4,45,000 which he declared to be the money of the assessee. This was accepted by the assessee. He thereafter filed a return in July 1988, and declared the amount to be the income for the assessment year 1989-90. Thereafter, he modified the statement and declared this income for the assessment year 1987-88. However, the Income-t .....

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..... ny error in accepting the amount for the current year and in setting aside the penalty. We find no substance in the application even otherwise the question of penalty is a question of fact. The second question regarding the amount of Rs. 25,000 as to whether, the income is of a past year is also a question of fact. No question of law arises. The application is dismissed. - - TaxTMI - TM .....

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