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2019 (11) TMI 29 - AT - Income TaxPenalty u/s. 271(1)(c) - cash deposited in bank account - HELD THAT:- Assessee was the man of means as evident from the deposit of cash in the bank account. Therefore we are of the view that there cannot be any penalty merely on the addition of such a small amount of cash deposit. We also find that the assessee in support of cash deposit has filed the cash book and there was no defect pointed out therein. The amount returned from the staff, we note that the question of returning the advance arises only when the advances have been made. As such, none of the authorities below has doubted on the amount advanced by the assessee to such party. The assessee claimed that such additions were highly debatable, but to avoid the litigation, the same were accepted. Looking at the amount of the addition we are of the view that there was no deliberate act on the part of the assessee to conceal the particulars of income as pointed out by the authorities below, therefore we hold that there cannot be any penalty of the assessee in the given facts and circumstances. We find support and guidance from the judgment of the supreme court in case of Dilip N Shroff Vs. JCIT [2007 (5) TMI 198 - SUPREME COURT] wherein as held as signifies a deliberate act or omission on the part of the assessee. Such deliberate act must be either for the purpose of concealment of income or furnishing of inaccurate particulars We are not inclined to uphold the findings of the authorities below. Hence we set aside the order of the Ld. CIT(A) and direct the AO to delete the penalty imposed by him under section 271(1)(c) - Appeal of the assessee is allowed
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