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2019 (2) TMI 287 - AT - Income TaxPenalty u/s 271(1)(c) - addition u/s 68 - scope of quantum proceedings - Held that:- Assessee during assessment proceedings as well as before Ld.CIT(A) had filed details/documents/evidences regarding shareholders as well as creditors which includes confirmation, identity and creditworthiness, thereby discharging initial onus cast upon assessee under section 68 Neither Ld. CIT (A) nor Assessing Officer in assessment proceedings or during remand proceedings verified any of aforestated details and summarily dismissed claim of assessee by stating that shareholders/creditors were not presented in person before authorities - quantum proceedings are different from penalty proceedings. In our considered view Assessing Officer has not disproved documents/evidences filed by assessee to be inaccurate/false in penalty proceedings. Merely because quantum addition has been confirmed by Ld. CIT (A) against which assessee has not preferred any appeal before this Tribunal, would not lead to automatic levy of penalty unless Assessing Officer establishes that documents filed by assessee were not true. - Decided in favour of assessee.
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