1984 (9) TMI 128

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..... d his income by showing low yield of groundnut oil and by making some cash credits in the name of others in the sum off Rs. 15,000 in its accounts. On appeal, the AAC reduced the penalty to Rs. 10,000 as in respect of the addition made on account of low yield the assessee could not be said to have concealed the particulars of income. Feeling aggrieved, the assessee has come to this Tribunal. 2. W .....

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..... he assessee contended that the assessee had produced the creditor and though the burden of proof that lies on the assessee in the assessment proceedings may not have been discharged, the burden that lies on an assessee in quasi criminal proceedings like the present one for imposition of penalty had been sufficiently discharged. He relied upon a ruling of the Patna High Court in CIT vs. Nipani Toba .....

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..... cco Stores, the initial burden laid by the Explanation stood discharged as the assessee had examined the creditor. Therefore, in the absence of any further material to show that the amount of the cash credit represented the concealed income of the assessee, there was no justification for the levy of the penalty. This appeal, therefore, in our view deserves to be allowed. 3. The appeal is allowed .....

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