JUDGMENT

a.S.Chandurkar, J. - When this Income Tax appeal was admitted the following sub-stantial questions of law were framed :

(I) Whether the Income Tax appellate Tribunal, Nag-pur was justified in law in upholding the levy of penalty under Section 271(1)(c) of the Income Tax act, 1961 by holding that the assessee has concealed the income of Rs.96 Lakhs ?

(II) Whether the Income Tax appellate Tribunal, Nag-pur was justified in law in upholding the levy of penalty under Section 271 (1) (c) of the Income Tax act, 1961 when the assessee had offered income of Rs.96 Lakhs in order to buy peace and avoid litigation even though no such income is assessable at the hands of assessee ?

2. after hearing the learned counsel for the parties for some time an additional substantial question of law was framed on 23.11.2021 which reads as under:

(III) 'Whether the show cause notice dated 12.02.2008 issued to the appellant without indicating that there was concealment of particulars of income or furnishing of incorrect particulars of such income would vitiate the penalty proceedings or whether such notice as issued can be held to be valid ?'

3. The learned counsel for the parties have been heard on all