- (1.)This income tax appeal under Section 260A of the Income Tax Act, 1961 has been filed by the assessee against the order of Income Tax Appellate Tribunal dated 11.05.2007 in respect of penalty proceedings under Section 271 (1) (c) of the Income Tax Act, 1961 (herein after referred to as the 'Act') for the Assessment Year 1990-91.
(2.)Brief facts of the case are that in the course of regular assessment proceedings for the assessment year 1990-91, the Assessing Officer made additions of Rs. 2,39,000/- being cash credit entries found standing in the assessee's books in the names of minor sons of the partners of the assessee firm. These were disbelieved to the extent the said minors were held to be in receipt of bogus gifts from complete strangers. Also, the Assessing Officer made addition on account of another cash credit appearing in the books of account of the assessee by way of loan of Rs. 50,000/- from one Sri Vikash Kumar Poddar.
(3.)Upon appeal, in the quantum proceedings, the Tribunal confirmed the addition of Rs. 2,89,000/-. It has been stated by Sri Ashish Bansal that in quantum matter the additions so made were affirmed by this Court inasmuch as the asseess's IT Appeal No. 82 of 2006 was dismissed by this court on 03.11.2009.