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2010 (2) TMI 777 - AT - Income TaxCancellation of penalty levied u/s. 158BFA(2) - Addition on the Basis of certain loose papers were found in search and seizure. - Held that:- Once the rough paper containing some entry has been accepted and that very basis the PandL Account is prepared and return has been filed; therefore, in our considered view, no requirement left to explain the rough paper, which undisputedly contains undisclosed entries. If the quantum addition is sustained, penalty is not automatic. This is a case of non-substantiation of explanation; otherwise, the entry of Rs.9,26,600/- was shown in the same paper found during the course of search. Accordingly, we hold that on this amount, cancellation of penalty is justified. - Decided in favour of Assessee.
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