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2018 (6) TMI 1032 - AT - Income TaxPenalty u/s 271(1)(c) - unexplained investment - Held that:- As assessee has furnished documents in support of the source of fund of ₹ 1,45,000/-. According to the authorities below this can be insufficient to prove the claim of the assessee but the fact cannot be termed as ‘concealment of income’ as neither the authorities below came to a finding that the evidence adduced is false. Taking into consideration of the entire facts of the case, find that the penalty imposed by the authorities below is harsh and improper indeed without consideration of the conduct of the assessee of making genuine attempts to prove the source of investment of ₹ 1,45,000/- as financed from personal savings including pin amount over a period of time. It also appears that while the total investment is an amount of ₹ 56,26,300/-, the amount in question of ₹ 1,45,000/- is a very negligible one and since the assessee has filed her return for a long time, it can be well presumed that this amount has been shown as an income of the assessee in the earlier assessment years - no mens rea of evasion of tax which is sine qua non for imposition of penalty. The explanation offered by the assessee seems to be bonafide - Decided in favour of assessee.
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