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2022 (5) TMI 679 - AT - Income TaxLevy of penalty under section 271(1)(c) - unexplained cash credit under section 68 - HELD THAT:- After giving an opportunity to substantiate the claims and evidence filed during the course of remand proceedings and examining the facts and the documents relied upon by the assessee, the Assessing Officer came to conclusion that the evidence submitted by the assessee was not correct. On perusal of the order passed by the ld. CIT(A), we find that the ld. CIT(A) has not at all narrated anything available in the remand report and what was incorrect found by the Assessing Officer in the documents furnished by the assessee during the course of remand proceedings. The ld. DR also could not able to explain in detail on the observations of the Assessing Officer on the documents furnished by the assessee during the course of remand proceedings. Under the above facts and circumstances, the penalty levied under section 271(1)(c) of the Act is deleted. - Decided in favour of assessee.
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