TMI Blog2011 (4) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... rticulars by furnishing inaccurate particulars -The addition made on this account would not automatically justify the imposition of penalty, under Section 271(1)(c) of the Act, no penalty can be imposed if the facts and circumstances are equally consistent with the hypothesis that it does - In the present appeal, since the assessee has not explained cash credits, therefore, the penalty has been rightly levied - The impugned order is upheld - Thus, appeal is dismissed. - 65 of 2010 - - - Dated:- 19-4-2011 - MR. JUSTICE ADARSH KUMAR GOEL, MR. JUSTICE AJAY KUMAR MITTAL, JJ. Present: Mr. Sandeep Goyal, Advocate for the appellant. Mr. Yogesh Putney, Senior Standing Counsel for the respondent. AJAY KUMAR MITTAL, J. This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... legally sustainable in the eyes of law? (v) Whether under the facts and circumstances of the present case the action of the authorities below in passing the impugned orders (Annexure A-1 to A-3) are legally sustainable in the eyes of law? 3. The facts, in brief, necessary for adjudication as narrated in the appeal, are that the assessee filed its return of income for the assessment year 1998-99, on 31.10.1998, declaring income of Rs. 6,889/-. The assessing officer, however, made assessment under Section 148 of the Act. Certain short-comings and deficiencies were detected by the assessing officer in the return filed. Accordingly, the assessing officer noticed that the deposits made by the creditors of the assessee as shown in the bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 68 of the Act will be that though apart from establishing the identity of the creditor, the assessee must establish the genuineness of the transaction as well as the credit worthiness of his credit. The burden is on the assessee to prove the genuineness of the transaction. In the present appeal, since in spite of various opportunities provided to the assessee, the creditors could not be produced, therefore, it can be said that the assessee attempted to conceal the particulars by furnishing inaccurate particulars. We are aware that the addition made on this account would not automatically justify the imposition of penalty, under Section 271(1)(c) of the Act, no penalty can be imposed if the facts and circumstances are equally consis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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