Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 530 - AT - Income TaxPenalty u/s 271(1)(c) - Disallowance of cash received - cash received from two of customers, who could not be produced before the A. O. for recording of their statement due to practical hardship of being their out of station for a long time - HELD THAT:- No detail finding given by the CIT(A) as regards to how the concealment of particular of income relating to the confirmation in respect of unsecured loan/receipt of cash and insurance commission comes within the purview of Section 271(1)(c). Merely, holding that confirmation in respect of unsecured loan, receipt of cash and insurance commission clearly fall within the ambit of concealment is not sufficient. CIT(A) also not considered the submissions of the Assessee during the appellate proceedings. Therefore, it will be appropriate to remand back this issue of unsecured loan, receipt of cash and insurance commission to the file of the CIT(A) for deciding it with the reasoned order. - Appeal of the assessee is partly allowed for statistical purpose.
|