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2017 (1) TMI 890 - AT - Income TaxPenalty u/s 271(1)(c) - additions made with the aid of section 68 - Held that:- The assessee failed to substantiate the alleged loans given by five entities. According to the assessee, representatives of all the concern came to Income-tax department in the quantum proceedings but after examination of one, rest of them ran away. It shows that transaction was not genuine. Facts in the case of National Textiles (2000 (10) TMI 19 - GUJARAT High Court) relied upon by the ld.counsel for the assessee are quite distinguishable. Therefore, considering well reasoned finding of the ld.CIT(A), I find no reasons to interfere in the order of ld. CIT(A), the same is confirmed and the appeal of the assessee is dismissed. - Decided in favour of revenue
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