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2015 (12) TMI 121 - ITAT CHANDIGARHLevy of penalty u/s 271(1) (c) - addition on account of sale of paddy at lower price and on account of sale of rice at lower price- Held that:- Ultimately addition has been confirmed on estimate basis and normally penalty is not attracted in such situation. See COMMISSIONER OF INCOME-TAX Versus SANGRUR VANASPATI MILLS LTD. [2008 (2) TMI 285 - PUNJAB AND HARYANA HIGH COURT ] - Decided in favour of assessee. Undisclosed deposit in bank - surrender of income - Held that:- urrender has been made mainly on account of discrepancies found in the books of account, loose papers, found of various products etc. The cash available was only ₹ 6500/-therefore, no cash could possibly have been deposited. The assessee though incorporated the surrender amount in the P&L Account but by showing the sale of opening stock at lower price the income was again reduced to ₹ 48,054/- this clearly shows that the amount surrendered was nullified while filing return. However, later on assessee became wise and deposited the amount of ₹ 14 lacs in the bank and before us it was stated that the assessee purchased miscellaneous assets which were later on sold and the amount was deposited in the bank. There is no evidence to show the existence of any miscellaneous assets therefore explanation given by the assessee is totally false. This is not a case of full disclosure of facts therefore penalty confirmed - Decided against assessee.
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