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2018 (7) TMI 1313 - AT - Income TaxPenalty u/s 271 - unexplained cash credit - Held that:- The funds which are given as loan to the assessee were undisputedly raised through a loan taken from bank to the tune of ₹ 1 lakh and from kacha ahratiaya M/ s. Des Raj And Co., to the tune of ₹ 1 lakh which was affirmed to have been advanced as loan to the assessee, however, the learned Commissioner of Income-tax (Appeals) doubted the genuineness of the loan on the basis of probabilities. Although there are contrary judgments of various courts with regard to the levy of penalty on the addition, which based upon the probabilities, however, we are of the considered opinion that inassuch as the penalty is not warranted on the addition based upon the probabilities, hence, we are inclined to delete the same by setting aside the order impugned herein passed by the learned Commissioner of Income-tax (Appeals) - Appeal filed by the assessee is allowed.
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