Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 1273 - AT - Income TaxPenalty u/s 271(1)(c) - addition based on documents unearthed during the course of survey - unaccounted cash payments - Held that:- Certain vouchers prepared and signed by the employees was found in survey, there was no authentic evidence to establish that the assessee had made cash payments. The persons to whom such payments were made were neither cross examined nor proper investigation made. No concrete finding by the revenue as to whether the assessee had made any cash payment which is unaccounted. Since the assessee has offered an explanation with respect to the documents found during the course of survey, the onus have shifted on the Revenue to establish it otherwise. Further the assessee has not admitted for any addition as proposed by the Revenue. Therefore the entire addition is made based on presumptions and assumptions from certain documents unearthed during the course of survey proceedings by rejecting the explanations offered by the assessee without any basis. In these circumstances, though it may be a fit case for addition, we are of the considered view that the penal provisions of Section 271(1)(c) of the Act would not be applicable in the case of the assessee. - Decided in favour of assessee
|