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2011 (4) TMI 59 - HC - Income TaxConcealment of income - Penalty under Section 271(1)(c) - A harmonious construction of Section 106 of the Evidence Act and Section 68 of the Act will be that though apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the credit worthiness of his credit - The burden is on the assessee to prove the genuineness of the transaction - In the present appeal, since in spite of various opportunities provided to the assessee, the creditors could not be produced, therefore, it can be said that the assessee attempted to conceal the particulars by furnishing inaccurate particulars -The addition made on this account would not automatically justify the imposition of penalty, under Section 271(1)(c) of the Act, no penalty can be imposed if the facts and circumstances are equally consistent with the hypothesis that it does - In the present appeal, since the assessee has not explained cash credits, therefore, the penalty has been rightly levied - The impugned order is upheld - Thus, appeal is dismissed.
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