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2012 (11) TMI 392 - ITAT, AHMEDABADPenalty u/s. 271(1)(c) - Held that:- It is evident from the assessment order that the AO had unearthed certain documents to establish that the assessee had made investment of Rs.15 lacs in gold. At the time of search initially the assessee had agreed for such investment made which was not from accounted income of the assessee, however, the assessee had retracted from his statement subsequently. The learned CIT(A) confirmed the order of the learned AO for the reason that the assessee had failed to discharge the prima facie onus cast upon him to establish that he had not made such investment outside his books of accounts. As the assessee had also again and again reiterated before the revenue that he had enough holding of gold due to the disclosure made in VDIS Scheme in the year 1997. As from the facts of the case it is apparent that no gold was found at the time of search and the entire episode revolves round the existence of gold based on certain documents found at the time of search, thus as decided in COMMISSIONER OF INCOME-TAX Versus RAVI KUMAR [2007 (7) TMI 45 - HIGH COURT, PUNJAB AND HARYANA] that though addition could be sustained based on certain documents found during the course of search, penalty cannot survive unless and until some more cogent evidence of concealment of income is revealed - in favour of assessee.
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