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2016 (4) TMI 959 - AT - Income TaxPenalty u/s 271(1)(c) - addition u/s 68 - Held that:- It is undisputed fact that these cash creditors are opening as on 01/4/2006 and not pertained to year under consideration. The ld Assessing Officer issued notice in quantum proceeding U/s 133(6) of the Act. The parties concerned filed confirmations in some of the cases. It is also fact that the assessee paid the outstanding during the year and in subsequent year but could not prove beyond doubt before the Assessing Officer. It is well settled law that opening balance of cash creditor cannot be added in the year under consideration U/s 68 of the Act. No Penalty u/s 271(1)(c) levied - Decided in favour of assessee
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