Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (1) TMI 843 - AT - Income TaxPenalty under section 271(1)(c) of the Income-tax Act - assessee has shown loans from two creditors, out of which one creditor, did not appear before the Assessing Officer. Accordingly, the Assessing Officer made the addition when the assessee expressed his inability to produce the creditor - assessee submitted before the Assessing Officer that the other creditor would not cooperate and accordingly volunteered to the addition - Held that:- This is not a case of bogus claim of expenditure or concealment of investment, but a case where the addition was agreed to by the assessee under such circumstances when it was realised that the creditor would not co-operate, assessee's bank statement showing that the loan was taken by crossed bank cheques and the transactions were through banking channel,not a case of either concealment of income or furnishing of inaccurate particulars of income. Accordingly, penalty deleted. appeal filed by the assessee is allowed.
|