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2018 (12) TMI 811 - AT - Income TaxLevy of penalty u/s 271(1)(c) - Addition made of unsecured loans taken by the assessee, the genuineness of which remained unproved - no documents proving the genuineness of the said loans was filed by the assessee - addition u/s 68 - admission of additional evidence - Held that:- Additional evidences now filed by the assessee, we hold, cannot be rejected for admission simply following the order of the ITAT in quantum proceedings in this regard, holding them to be wholly irrelevant for the purpose of determining whether the assessee had concealed/furnished inaccurate particulars of income so as to levy penalty u/s 271(1)(c). The said evidences do show that the transactions took place through banking channels, that the loans were repaid also in later years, that interest was also paid on the same and TDS was deducted by the Government also. The assessee had also filed confirmations from four parties which had not been filed to the I.T.A.T. in quantum proceedings. The aforesaid documents therefore throw some light on the fact that loans had been taken by the assessee, though they may not be sufficient enough to conclusively prove the genuineness of the transactions. Unsecured loans shown to be taken by the assessee cannot be categorically held to be a bogus transaction, though it may be sufficient for making addition u/s 68. The documents therefore are relevant for the purpose of determining whether the assessee had concealed /furnished any inaccurate particulars of income, for the levy of penalty - decided in favour of assessee.
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