Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2008)115TTJ(Asr.)123
1. By this order, we shall dispose of this appeal of the assessee filed against the order of the CIT(A), Jammu with Headquarters at Amritsar for the asst. yr. 2001-02.2. The only effective issue raised in this appeal is that the learned CIT(A) was not justified in sustaining the penalty imposed by the AO under Section 271(1)(c) by ignoring the judgment of Hon'ble Punjab & Haryana High Court in the case of CIT v. Munish Iron Store (2004) 186 CTR (P&H) 159 : (2003) 263 1TR 484 (P&H) and the decision of Tribunal (SMC), Amritsar Bench, in the case of Shri Joginder Pal, Prop. M/s New Radha Industries v. ITO. Ward-1, Hoshiarpur, for the asst. yr. 1993-94 (a copy of order placed at pp. 23 to 28 of the paper book). The facts of the case are that the assessee had filed return declaring therein income of Rs. 8,83,984 on 3rd July, 2001, which was processed under Section 143(1). In the return the assessee had included the value of Rs. 5,68,000 of the Opel Corsa car won by him in the c...
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