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2014 (4) TMI 671 - ITAT MUMBAIConfirmation of penalty u/s 271(1)(c) of the Act – Additions made u/s 68 of the Act – Held that:- The findings given in the assessment proceedings are quite relevant and have probative value but such a finding alone may not justify the levy of penalty in a given case, because the considerations that arise in the penalty proceedings are different from the assessment proceedings - In the penalty proceedings, the matter has to be examined from the angle that whether the assessee is guilty of furnishing inaccurate particulars of income or concealment of income - the issue has to be examined afresh and the assessee may adduce fresh evidence in the penalty proceedings to establish by way of material, relevant facts which may come into effect as liability of penalty. The assessee even though may not file any fresh evidence but still may rely upon the existing material to prove that presumption raised by the Explanation would stand rebutted and he is not guilty of concealment of furnishing of inaccurate particulars of income or for concealment - the sole material which has been relied upon is the statement of Mr. D.A. Sawant – the piece of material alone cast a serious doubt against the genuineness of the loan - this may not be conclusive for the penalty proceedings - Once the assessee furnished the explanation based on the material on record, he has to give a conclusive finding on such explanation whether it is a bonafide or has been substantiated or not – thus, the matter is remitted back to the AO to decide afresh about the penalty – Decided in favour of Assessee.
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