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TMI Blog2007 (7) TMI 286X X X X Extracts X X X X X X X X Extracts X X X X ..... - Dated:- 25-7-2007 - M. M. KUMAR and AJAY KUMAR MITTAL JJ. Vivek Sethi for Sanjiv Bansal for the Commissioner. Sanjiv Bansal with Parvesh Saini for the assessee. JUDGMENT The judgment of the court was delivered by M. M. Kumar J.- The Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for brevity, "the Tribunal"), in exercise of jurisdiction under section 256(1) of the Income-tax Act, 1961 (for brevity, "the Act"), has referred the following questions of law for determination of this court, which are claimed to have emerged from the order dated July 20, 1998, passed in I.T.A. No. 432 (ASR)/1992, in respect of the assessment year 1987-88 : "1. Whether, on the facts and in the circumstances of the case, the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f assessment. A penalty notice was served upon the assessee on March 27, 1989, which resulted into passing an order dated March 20, 1991, imposing a penalty of Rs. 2,35,047 upon the assessee. The assessee challenged the order of the Assessing Officer in appeal before the Commissioner of Income-tax (Appeals), Jalandhar, who, vide her order dated February 13, 1992, deleted the levy of the said penalty. 3. The Revenue challenged the order of the Commissioner of Income-tax (Appeals), Jalandhar, by filing an appeal before the Tribunal. The Tribunal dismissed the appeal, vide order dated July 20, 1998, with the observation in the concluding paragraph 6, which read as under : "6. In the case in hand the receipt of Rs. 4,70,135 is the bone co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ental representative has failed to point out as to what was wrong in planning the affair in the way the assessee did in both the assessment years and what loss the Revenue has suffered. Accordingly, no question of concealment of any income nor any default for furnishing inaccurate particulars of income is there. The result is that the appeal is without any force and the same is dismissed." 4. A perusal of the aforementioned finding recorded by the Tribunal shows that the receipt of Rs. 4,70,135 was reflected by the assessee in the assessment for the assessment year 1986-87 on accrual basis after effecting the change in the method of accounting and no permission for the change of accounting system was required to be obtained from the As ..... X X X X Extracts X X X X X X X X Extracts X X X X
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