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2013 (10) TMI 103 - AT - Income TaxPenalty u/s 271(1)(c) of the Income Tax Act - Addition in respect of benami accounts itself is deleted, the expenses incurred are disallowed primarily for the reasons that expenses incurred through these expenses could only be bogus account – Held that:- In penalty proceedings, an explanation of the assessee is not required to be substantiated to the hilt and all that is to be examined whether the explanation is bona fide, reasonable and can indeed stand the test of preponderance of probabilities - In the given situation and particularly as the addition for benami accounts stands deleted and there is no dispute about the facts that the accounts were duly audited and pertain to a much earlier year, it is not a fit case for levy of penalty. The assessee's claim is of the books of accounts having been destroyed in a natural calamity may not have been accepted in the quantum assessment proceedings – Penalty deleted – Decided in favor of Assessee.
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