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2021 (9) TMI 327 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance of transport expenses - payment made in cash - Proof of concealment of income - onus of proof shifted to the assessee - HELD THAT:- In the present case penalty has been levied by the Ld. A.O for furnishing the inaccurate particulars of income but nowhere from the assessment order or the penalty order is discernable that what type of particulars have been filed incorrectly by the assessee. No efforts were made by the Ld. A.O during the course of assessment proceedings to examine the genuineness of the transaction of transport charges paid by the assessee to M/s Kosar Transport Company. Just because the payments were made in cash cannot be a basis to doubt the genuineness of the expenditure. Since the disallowance are made on adhoc basis by applying the rate of 15%, holding the assessee liable to pay penalty for furnishing inaccurate particulars of income cannot be held to be justified. - Decided in favour of assessee.
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