TMI Blog2014 (1) TMI 1626X X X X Extracts X X X X X X X X Extracts X X X X ..... ave given confirmation, which is available in the paper book. It is true that the unsecured loan, claimed to have been received by the assessee, was not accepted by the Revenue, but present proceedings are penalty proceedings and therefore, we have to see as to whether there is possibility of concealment or furnishing of inaccurate particulars of income or not. - assessee could not prove ingredien ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the learned Commissioner of Income-tax (Appeals)- II, Kanpur, dated October 7, 2013, for the assessment year 2005-06. 2. The assessee has raised various grounds of appeal and has also raised some additional grounds on technical aspect but the main grievance of the assessee is regarding confirmation of the penalty imposed by the Assessing Officer of ₹ 3,65,548 under section 271(1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or such addition made by the Assessing Officer under section 68, penalty is not justified. In support of this contention, he placed reliance on the Tribunal decision rendered in the case of Deputy CIT v. K. Bhanji Vanmalidas and Co. in I. T. A. No. 743/RJT/2010. He submitted that the copy of the Tribunal decision is available on pages 120 to 126 of the paper book. 5. The learned Departmental re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ph 6 that although it is true that majority of the cash credits were not acceptable even to the Tribunal, this alone cannot be the foundation for holding the assessee guilty of concealment. The Tribunal further noted that the assessee has reasonably explained that the addition was made and confirmed as the assessee could not discharge the primary onus which lay on it under the law. The Tribunal fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition is finalised but penalty is not justified because the assessee has submitted explanation regarding these cash credits and the same could not be established to be not bona fide and therefore, in our considered opinion, the penalty is not justified. We delete the same. 7. In view of our decision in the above paragraph, as per which, we held that the penalty is not justified, the technical g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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