TMI Blog2015 (4) TMI 405X X X X Extracts X X X X X X X X Extracts X X X X ..... me or furnishing of inappropriate particulars of income is an element present and with regard thereto any explanation is offered or not or if offered whether the same is false or an offer of such explanation which the assessee is unable to substantiate and it is lacking in bona fides that the penalty can be imposed. All these ingredients in the present case are absent according to the Tribunal. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with an imposition of penalty for the assessment year 1998-1999. The Assessing Officer and the Commissioner arrived at a conclusion that in the return of income, a debit entry of interest was noticed and after examination of the accounts it was revealed that a loan was obtained from State Bank of Indore. The balance was outstanding, but on a query as to why the loan was availed of the assessee r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. Here, the assessee may not be successful in substantiating their claim, but that by itself does not mean penalty follows. Eventually for withholding a imposition of penalty whether the particulars of income or furnishing of inappropriate particulars of income is an element present and with regard thereto any explanation is offered or not or if offered whether the same is false or an offer of su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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