Ajay Kumar Mittal, J. - (1.) DELAY in refiling is condoned.
(2.) THIS appeal has been filed by the Assessee under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 30.4.2010 passed by the Income Tax Appellate Tribunal, Delhi Bench "B", New Delhi (hereinafter referred to as "the Tribunal") in ITA No. 2577/Del/08, relating to the assessment year 1999 -2000, raising the following substantial question of law: Whether, on the facts and circumstances of the case, the Tribunal was right in upholding the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961? Briefly stated, the facts necessary for adjudication as narrated in the appeal are that the Assessee filed his return on 28.6.1999 for the assessment year 1999 -2000 declaring an income ofRs.3,72,650/ -. The said return was processed under Section 143(1) of the Act on 10.1.2000. Re -assessment proceedings under Section 148 of the Act were initiated against the Assessee by issuing notice dated 23.3.2006. Along with the notice, the Assessee was also issued a questionnaire to produce evidence to show the genuineness of the gifts amounting toRs.5 lacs. The Assessee surrendered the said amount ofRs.5 lacs subject to no penal action. However, the Assessing Officer after considering the reply of the Assessee did not find any substance therein. The reassessment was completed on 28.12.2006 at an amount ofRs.8,72,650/ -. The penalty proceedings under Section 271(1)(c) of the Act were also initiated against the Assessee on 28.12.2006. The Assessing Officer vide order dated 28.6.2007 levied a penalty ofRs.1,50,000/ - against which the Assessee filed an appeal before the Commissioner of Income Tax (Appeals) [in short "the CIT(A)"]. The CIT (A) vide order dated 6.6.2008 dismissed the appeal. On further appeal by the Assessee, the Tribunal vide order dated 30.4.2010 upheld the order of the CIT(A) and dismissed the appeal. Hence, the present appeal by the Assessee.
(3.) WE have heard learned Counsel for the Assessee.;