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2016 (9) TMI 996 - AT - Income TaxUnexplained investment u/s 69 - Assessee failed to produce her documentary evidence in support of investment made in RBI bond amounting to ₹ 8 lakh - Held that:- From the submission of Ld. AR we find that assessee has received a sum of ₹ 8.50 lakh in an account maintained jointly with her husband. The bank statement and salary details of assessee’s husband have been duly furnished. In our considered view the source of investment has been duly explained by submitting the documents in the form of paper book. Considering the details of the facts of the present case, we find that source of investment has been duly explained by assessee at the appellate stage and in rebuttal Ld. DR also failed to bring anything contrary to the argument of Ld. AR. Hence, we are inclined to reverse the order of Authorities Below - Decided in favour of assessee Penalty u/s 271(1)(b) - Held that:- From a plain reading of the above Sec. 273B of the Act, we find that no penalty shall be levied upon assessee if it is proved that there was a reasonable cause for the noncompliance of notice. In the facts of case, as assessee, a female was on the advanced stage of pregnancy and at that time came to Kolkata, in her parental house from Bangalore for the purpose of giving birth to her second issue. Considering the totality of the fact, we find that there was sufficient reasonable cause which prevented assessee to compliance said notice and in this view of the matter, we quash the penalty imposed by AO - Decided in favour of assessee
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