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2018 (1) TMI 26 - AT - Income TaxPenalty u/s 271(1)(c) of the ITA 1961 - disallowance of deduction under Chapter VIA - Held that: - as observed by the CIT(A), the assessee had not even furnished the details as regards which all investments the said deduction was claimed by him, the same not only fails to inspire any confidence as regards the said claim, but rather, raises serious doubts as regards the veracity of the same - it is neither a case of a bonafide claim of excess deduction, nor a case of mere unproved or unsubstantiated claim of deduction of the assessee - even if the assessee was unable to place on record the supporting documents to substantiate his claim, then nothing stopped him from at least furnishing the details of the investments in respect of which such deduction was claimed by him, which we find had not been done by him - penalty upheld. Penalty - cash deposit of ₹ 4,81,600/- in the bank account of the assessee - Held that: - a disproved explanation of the assessee would undoubtedly lead to levy of penalty under Sec. 271(1)(c), however, the same would not be applicable as regards an unproved explanation - as the explanation of the assessee as regards the cash deposit of ₹ 4,81,600/- had though remained unproved to the satisfaction of the A.O, however, the same had and not been disproved and conclusively found to be false, therefore, no penalty under Sec. 271(1)(c) would be called for in his hands on the said count - penalty set aside. Appeal allowed in part.
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