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2016 (5) TMI 851 - ITAT JAIPUR
Penalty levied u/s 271(1)(c) - addition u/s 68 - Held that:- Assessing Officer imposed penalty under this Section on the basis of finding given in assessment order only no separate inquiry has been conducted to disprove the explanation furnished by the assessee. The case laws relied upon by the assessee are squarely applicable on the facts of the case. There is no material on record to show that surrendered income was concealed income of the assessee. Therefore, we have considered view that the ld CIT(A) was not justified in confirming the penalty U/s 271(1)(c) of the Act. Accordingly, we reverse the order of the ld CIT(A). - Decided in favour of assessee