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2014 (1) TMI 243 - ITAT DELHIPenalty u/s 271(1)(c) - Held that:- The assessee has furnished the affidavit of the creditors - The creditors were also produced before the Assessing Officer. They have admitted to have advanced the money to the assessee - They have also produced evidence with regard to the source of income in their hands -Merely because the Assessing Officer or appellate authorities were not satisfied with the source of income, it cannot be said that the assessee either furnished inaccurate particulars or concealed the income - The assessee's case does not fall within the mischief of Explanation (1) to Section 271(1)(c) because the assessee offered an explanation with regard to cash credit which was not found to be false by the Assessing Officer or the learned CIT(A)- The assessee also substantiated the explanation by producing the creditors who admitted having advanced the money to the assessee - Decided against Revenue.
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