Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1657 - AT - Income TaxPenalty levied u/s.271(1)(c) - addition u/s.68 - failure to file the confirmation letters in a proper format with all particulars mentioned in it - Held that:- There is no dispute on the fact that assessee furnished the names and addresses of 19 depositors. Each of the deposit vary from ₹ 15,000/- to ₹ 30,000/- per the depositor. The names and addresses of the 19 depositors are already on record. It shows the existence of the basic details of the depositors. The details furnished by the assessee indicate the capacity of the assessee in furnishing all the details of the deposits as well as the depositors. It is possible that the assessee would have furnished if the time is given and not after lapse of time of years. AO has not taken any positive step to demonstrate the incorrectness of the details so furnished by the assessee. Therefore, in the absence of positive incriminating information against the assessee, in our view, levy of penalty u/s.271(1)(c)is not justified. It may be good enough for confirming the additions on merit in quantum appeals but certainly falls short of the requirement of confirming the penalty u/s.271(1)(c) - Decided in favour of assessee.
|