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2015 (7) TMI 404 - AT - Income TaxPenalty levied u/s.271(l)(c) - addition made u/s.68 - Held that:- The only legal point which goes against the Assessee was that he has not furnished the evidences in support of the material facts pertaining to cash credits introduced in the books of account. In this case, the Assessee has offered an explanation giving reasons of his hardship of not producing certain confirmation letters, etc. Since the penalty proceedings are undisputedly a distinct proceedings from the assessment proceedings; therefore, the addition confirmed in the assessment proceedings are to be judged independently instead of drawing any conclusion from those proceedings in a matter concerned with the concealment penalty. We, therefore, hold that merely on the ground that a part confirmation was made u/s.68 of IT Act in the case of the Assessee should not be considered as a valid ground for levy of concealment penalty. We, therefore, reverse the factual as well as legal findings of the authorities below and direct to delete the penalty levied. - Decided in favour of assessee
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