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2018 (2) TMI 435

Head Note / Extract:
Penalty proceedings u/s 271(1)(c) - unexplained sales made to two parties - quantum side has attained finality and therefore, penalty on such addition is justified - Held that:- When, purchases, opening stock and direct expenses on debit side and gross sales, closing stock on credit side and balancing figure of gross profit and G.P. rate has not been disturbed; and books of accounts, trading results and other evidences have neither been rejected nor has any discrepancy been found. Here the nature of credit is sales and the onus that lied upon the assessee to prove the source of the sale has been proved by producing the sale bills against which it has received the amount and has shown it as part of its gross income - it cannot be a satisfaction either for initiation or for levy of penalty u/s 271(1) (c) under any of the limb of the charge.

It is well settled principle that penalty proceedings are separate and distinct from the assessment proceedings and the assessee in the penalty proceedings may adduce any fresh evidence or may rely on same material or the evidence to prove that he is not guilty of either furnishing of inaccurate particulars of income or for concealment of income - entire explanation and evidence filed by the assessee is neither been found to be incorrect nor has been proved to be incorrect on the basis of any material on record as the information and the genuineness of the entries in the books of accounts of the third party has not been put to verification or cross examination by the AO. Simply relying on the account of the third party cannot be the basis for making any addition in the hands of the assessee leave alone levying the penalty u/s 271(1)(c). - Decided against revenue


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