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2018 (2) TMI 104 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - documents seized and found in search - addition on account of unexplained investment in money lending business - Held that:- Tribunal has remitted the issue back to Assessing Officer to re-examine the seized material and to find if any cash transactions is recorded in the name of assessee i.e. Shri Nanchand B. Shah and Shri Nanchand Bhogilal Shah and to make addition of the same, in accordance with law. However, in principle the Tribunal has set aside the findings of Commissioner of Income Tax (Appeals). Once, the substratum for levying penalty has eroded, the penalty proceedings would not survive. Therefore, no useful purpose would be served by restoring penalty proceedings to the Assessing Officer. - Decided in favour of assessee
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