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2013 (11) TMI 1377 - ALLAHABAD HIGH COURTGenuineness of unexplained creadits - Penalty u/s 171(1)(c) - Held that:- The A.O. did not carry out any enquiry after remanding of the issue - The enquiry in the previous assessment is not sufficient to make addition towards unexplained creditors - The enquiry carried out for the accounting period 1.4.1997 to 31.3.1998 in the year 2001 after lapse of three years would not result into accuracy in findings - When purchase and sales were not doubted, treated as genuine, there could be no reason for treating the creditors to be bogus - Even if assessee submits reply that he has surrendered income by piece, it was necessary for the AO to establish from the enquiry that the assessee had concealed the income or furnished inaccurate particulars - AO could not have relied upon earlier enquiry for imposing penalty - Decided against assessee.
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