9911796707
TMI Blog1996 (5) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... 2) of the Income-tax Act, 1961 (for short "the Act"), seeking a direction to the Tribunal to state the case and refer the proposed question, as extracted below, arising out of the order dated May 15, 1992, passed in I.T.A. No. 87/Ind of 1990, after rejection of the application, presented under section 256(1) of the Act and registered as R. A. No. 137/Ind of 1992 for the assessment year 1984-85 on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prove the availability of the above amount credited in the cash book. The firm was also asked to prove the source of the amount. The assessee submitted a letter on March 10, 1985, to surrender the amount of Rs. 65,000 with the condition that no penalty should be imposed under section 271(1)(c) of the Act. The above proposal was not accepted by the Income-tax Officer and the assessee was asked to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cancellation of penalty is perverse and perversity gives rise to a question of law. Shri Jain, on the other hand, submitted that the penalty was cancelled on proper appreciation of the evidence and that the proposed question was not one of law. It emerges from the record that the assessee surrendered the income of Rs. 65,000 when it found it difficult to explain the non-disclosure earlier. Howe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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